Mortgage rates have risen but remain below 6%, with the average 30-year fixed rate at 5.93% and the 15-year fixed rate at 5.40%, according to Zillow. Current national averages for various loan types are provided, with refinancing rates slightly higher. Rates are rounded to the nearest hundredth. President Trump’s proposals have impacted recent rate movements.

30-year fixed mortgages offer lower and predictable monthly payments due to longer repayment periods. They may also come with higher overall interest costs. Conversely, 15-year fixed mortgages feature lower interest rates, earlier loan payoff, and potential savings in interest expenses. Monthly payments, however, will be higher than with a 30-year term.

Adjustable-rate mortgages (ARMs) provide lower initial rates than fixed-rate mortgages, resulting in lower monthly payments. However, rates can fluctuate after the initial period, leading to unpredictable payments. ARM rates may be advantageous if planning to move before the intro-rate period ends. Average mortgage rates can vary by location.

Securing a low mortgage refinance rate involves improving credit scores, lowering debt-to-income ratios, and potentially opting for a shorter loan term. Refinancing into a shorter term can result in a lower rate, though monthly payments will be higher. Considerations for refinancing are similar to those for initial home purchases.

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