The average 30-year fixed mortgage rate is now 6.00%, with a 15-year fixed rate at 5.50%. Consider locking in a rate now. Mortgage refinance rates are also available, such as the 30-year fixed at 6.12%. Use a mortgage calculator to estimate monthly payments. Rates have dropped gradually since May.

A 30-year fixed mortgage offers lower and predictable payments, but comes with higher interest in the short and long term. On the other hand, a 15-year fixed rate has lower interest and allows you to pay off the mortgage sooner. Adjustable-rate mortgages have lower introductory rates but can lead to unpredictable payments later.

Now is a good time to buy a house, with stable home prices and plummeting mortgage rates. Zillow shows a national average 30-year rate of 6.00%. Interest rates are not expected to drop significantly. Securing a low refinance rate is similar to buying, focusing on credit score and DTI.

Read more at Yahoo Finance: The 30-year drops to an important baseline