Mortgage rates are currently near recent lows, with the average 30-year fixed rate at 5.93% and the 15-year fixed rate at 5.47%, according to Zillow. These rates are compiled from the lender marketplace, with national averages rounded to the nearest hundredth.

Today’s mortgage refinance rates show a 30-year fixed rate at 6.04% and a 15-year fixed rate at 5.58%, according to Zillow. Refinance rates are usually higher than purchase rates. Use Zillow’s mortgage calculator to estimate monthly payments based on interest rates and loan amounts, including PMI and HOA dues.

The main advantage of a 30-year fixed mortgage is lower and predictable monthly payments. However, the main disadvantage is paying more in interest over the life of the loan due to the longer term and higher rate. In contrast, a 15-year fixed mortgage offers lower interest rates and quicker repayment.

Adjustable-rate mortgages (ARMs) offer lower introductory rates but come with unpredictable adjustments later. If you plan to move before the introductory period ends, an ARM could be beneficial. However, be prepared for potential rate increases and unpredictable monthly payments in the future.

The national average 30-year mortgage rate is 5.93%, but rates can vary by location. Recent fluctuations in rates have been influenced by President Trump’s policy proposals and international tensions. Despite these changes, rates remain lower than they were a year ago, according to Freddie Mac data.

Read more at Yahoo Finance: Rates slip even further below 6%