National average mortgage rates are on the verge of falling below 6%, with a 30-year fixed rate at 6.01% and a 15-year fixed rate at 5.47%. Some major lenders are already offering rates below 6%. Mortgage refinance rates are slightly higher, with a 30-year fixed rate at 6.09%. When deciding between a 15-year and 30-year mortgage, consider your goals and monthly budget. Fixed-rate mortgages lock in your rate for the entire loan term, while adjustable-rate mortgages offer initial lower rates that can change over time. To get the best rate, focus on saving, improving credit, and reducing debt before applying.

According to Zillow, the national average 30-year mortgage rate for purchasing a home is 6.01%, while the average 15-year mortgage rate is 5.47%. These rates can vary based on location and personal financial factors. The Mortgage Bankers Association and Fannie Mae predict rates to stay above 6% in the near future. Consider factors like credit score, down payment, and debt-to-income ratio to secure the best mortgage rate for your situation.

Read more at Yahoo Finance: Threatening to slip below 6%