Mortgage interest rates today saw little movement, with the average 30-year fixed rate rising to 6.51% while the 15-year rate remained at 5.68%. Summer is a popular time to buy a home, but rates are unlikely to drop soon. Current rates include 30-year fixed at 6.51% and 15-year fixed at 6.04%.

Today’s mortgage refinance rates include 30-year fixed at 6.58% and 15-year fixed at 5.80%. Refi rates tend to be higher than purchase rates. Use a mortgage calculator to see how rates affect monthly payments and consider factors like homeowners insurance and property taxes in estimates.

A 30-year fixed mortgage offers lower payments and predictability, but comes with higher interest costs. In contrast, a 15-year fixed offers lower interest rates and shorter payoff time, saving money in the long run. Adjustable-rate mortgages may have lower initial rates but pose risks of future increases.

Current national average 30-year mortgage rate is 6.51%, but rates can vary by location. Mortgage rates are expected to remain stable in the near future, with a chance of a drop following a potential decrease in the federal funds rate. Refinancing for a shorter term can secure a lower rate but higher monthly payments.

Read more at Yahoo Finance: Rates should stay flat this summer