Mortgage rates dipped slightly lower this week as bond markets weathered volatility. The average 30-year fixed rate is now 6.09%, down from 6.11% last week, with a 52-week low of 6.06%. The 15-year fixed also dropped to 5.44% from 5.50%. Freddie Mac’s chief economist credits strong economic growth and low rates for improving housing affordability, driving higher purchase application activity.

Today’s mortgage rates, according to Zillow, show the 30-year fixed at 5.87%, 20-year fixed at 5.80%, and 15-year fixed at 5.44%. Refinance rates are slightly higher, with the 30-year fixed at 6.05% and the 15-year fixed at 5.52%. National averages have been rounded to the nearest hundredth.

Understanding mortgage interest rates is crucial in choosing between fixed-rate or adjustable-rate mortgages. Fixed-rate mortgages lock in a rate for the loan term, while adjustable-rate mortgages change periodically after an initial period. Factors you can control to secure a lower rate include comparing lenders, having a higher credit score, lower DTI ratio, and a substantial down payment. Factors you cannot control include economic conditions, which influence mortgage rates.

30-year and 15-year fixed-rate mortgages are common options, with the former offering lower monthly payments but higher overall interest costs, and the latter providing lower rates and faster pay-off but higher monthly payments. Shopping around for the best rates is essential, with lenders like Chase and Citibank offering competitive rates. Refinancing can be beneficial if you can secure a rate that is 2% or 1% lower than your current rate, depending on your financial goals and break-even point.

Read more at Yahoo Finance: Mortgage rates dip back down to near 3-year lows