Mortgage rates have hit a new low, with the average 30-year fixed rate at 5.76% and the 15-year fixed rate at 5.37%. The number of lenders offering rates under 6% is increasing, making it an opportune time for buyers. Refinance rates are also available, with national averages rounded to the nearest hundredth.

A mortgage calculator can help you understand how different term lengths and interest rates impact monthly payments. Bookmark the Yahoo Finance mortgage payment calculator for future use. Consider factors like property taxes and insurance when estimating your total monthly payment, beyond just principal and interest.

Choosing between a 15-year and 30-year mortgage affects total interest paid. For a $400,000 mortgage, a 30-year term at 5.76% results in $441,260 in interest, while a 15-year term at 5.36% leads to $183,345 in interest. Making extra payments on a 30-year loan can help pay it off faster and reduce interest costs.

Fixed-rate mortgages lock in your rate, while adjustable-rate mortgages offer a set period before potentially changing rates. Rates may vary based on the economy and your contract terms. Rates are currently starting higher for ARMs compared to fixed-rate mortgages, so consider the risks before choosing.

According to Zillow data, the 30-year fixed rate for home purchases is 5.76%, while refinances are at 5.93%. National averages may differ from state or city averages, and personal finances influence individual rates. Projections suggest rates near 6% through 2026 and little change expected in 2027.

Read more at Yahoo Finance: Another new low (5.76% 30-year fixed)