Mortgage rates have dropped below 6%, with the average 30-year fixed rate at 5.86% and the 15-year fixed rate at 5.41%, according to Zillow. National averages for various mortgage terms are provided, including 20-year fixed, 5/1 ARM, and VA loans. Refinance rates are higher than purchase rates. Consider factors like property taxes and insurance using the Yahoo Finance mortgage calculator. A $300,000 mortgage at 5.86% for 30 years would have a monthly payment of $1,772 and pay $337,826 in interest. Consider the pros and cons of 15-year vs. 30-year mortgages and fixed vs. adjustable rates. Shop around for the best rates based on your financial situation, credit score, and down payment amount. Interest rates vary by location and credit score. Forecasts predict 30-year mortgage rates to remain near 6% in the coming years.

Read more at Yahoo Finance: Looking for a rate below 6%? (How is 5.86%?)