Mortgage rates have seen minimal changes, with the national average 30-year fixed rate at 6.72% and the 15-year fixed rate at 5.85%. While home prices are moderating and supply is rising, rates are not expected to drop significantly. Refinance rates are slightly higher than rates for buying a home. Fixed-rate mortgages lock in your rate for the entire loan term, while adjustable-rate mortgages change periodically. Monthly payments initially go towards interest, then shift to paying off the principal. Rates are predicted to stay above 6% through 2026, with minor decreases expected in 2025.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, August 1, 2025: Year-over-year rates hardly move