Current mortgage interest rates have held steady, with the average 30-year fixed rate at 6.63%. Tomorrow’s Consumer Price Index release could impact Federal Reserve rate cuts, potentially leading to lower mortgage rates.

Here are the latest average mortgage rates: 30-year fixed: 6.63%, 20-year fixed: 6.22%, 15-year fixed: 5.89%, 5/1 ARM: 7.57%, 7/1 ARM: 7.21%, 30-year VA: 6.20%, 15-year VA: 5.57%, 5/1 VA: 6.51%.

Mortgage refinance rates tend to be slightly higher than purchase rates. Today’s refinance rates include 30-year fixed: 6.68%, 20-year fixed: 6.30%, 15-year fixed: 6.06%, 5/1 ARM: 7.59%, 7/1 ARM: 7.12%, 30-year VA: 6.33%, 15-year VA: 6.06%, 5/1 VA: 6.41%.

On a $300,000 mortgage with a 30-year term at 6.63%, the monthly payment would be around $1,922 with $391,893 in total interest. A 15-year mortgage at 5.89% would have higher monthly payments but lower interest paid over time.

Adjustable-rate mortgages may start lower than fixed rates, but rates can increase after the initial period. It’s crucial to shop around for lenders offering competitive rates and consider factors like credit score and down payment for the lowest rates.

Buying down your interest rate with discount points or temporary buydowns can lower your rate permanently. Consider the cost versus savings at closing before deciding on a buydown strategy that fits your long-term homeownership goals.

Read more at Yahoo Finance: Rates remain stagnant before inflation news