Mortgage rates inched up today, with the 30-year fixed rate at 5.77% and the 15-year fixed rate at 5.40%. The 15-year VA loan is at 4.99%. Refinance rates are slightly higher, with the 30-year fixed rate at 5.94% and the 15-year fixed rate at 5.48%. National averages are rounded.

The 30-year fixed mortgage offers lower and predictable monthly payments. However, it comes with higher interest rates over the long term. In contrast, the 15-year fixed mortgage has lower interest rates, allowing homeowners to save significantly on interest payments over the loan term.

Adjustable-rate mortgages (ARMs) lock in rates for a set period before adjusting periodically. The introductory rate is usually lower than fixed rates, resulting in lower initial monthly payments. However, rates can fluctuate after the introductory period, making monthly payments unpredictable. Moving before the rate adjustment can be beneficial.

Mortgage rates are dropping due to stock market volatility, international concerns, and speculation about Federal Reserve interest rate cuts. When buyers turn to the bond market, yields drop as prices rise. To secure a low refinance rate, improve credit score, lower debt-to-income ratio, and consider refinancing into a shorter term for a lower rate.

Read more at Yahoo Finance: A fraction higher (now 5.77%)