Mortgage rates are just above 6%, with the average 30-year fixed rate at 6.03% and the 15-year fixed rate at 5.42%. Rates vary by state, lender, and loan type. National averages for different loan types are listed. Refinancing rates are often higher than purchase rates. Strategies for getting the lowest rates are available.

A 30-year fixed-rate mortgage offers lower and predictable monthly payments. However, the disadvantage is higher interest costs in the short and long term. In contrast, a 15-year fixed-rate mortgage has higher monthly payments but lower interest rates, helping save money in the long run. Adjustable-rate mortgages offer lower initial rates but involve rate changes later on.

It’s currently a good time to buy a house with mortgage rates around 6.03%. Timing the market isn’t necessary – buy when it’s right for your situation. Mortgage rates are expected to remain above 6% through 2026. Securing a low refinance rate involves improving credit, lowering debt-to-income ratio, and considering a shorter term for lower rates and higher payments.

Read more at Yahoo Finance.: Why do published rates vary so much?