The 30-year fixed mortgage rate has risen to 6.28%, while the 15-year rate is at 5.49%. With a Fed rate cut expected, further decreases may already be priced in. National averages show variations in rates by term and type, with refinance rates typically higher than purchase rates. Rates are rounded to the nearest hundredth.

Current national averages for mortgage rates are as follows: 30-year fixed: 6.28%, 20-year fixed: 5.78%, 15-year fixed: 5.49%, 5/1 ARM: 6.58%, 7/1 ARM: 6.55%, 30-year VA: 5.69%, 15-year VA: 5.16%, 5/1 VA: 5.81%. These rates are rounded averages and may vary depending on location and lender.

When considering a 30-year fixed mortgage, remember that payments are lower and predictable due to the longer repayment period. However, the main disadvantage is higher interest rates over the long term compared to shorter fixed terms. Monthly payments will be higher with a 15-year fixed mortgage, but interest savings and quicker loan payoff are advantages.

Adjustable-rate mortgages offer lower introductory rates than fixed-rate options, but rates can fluctuate after the initial period. While monthly payments may be lower initially, the uncertainty of future rate increases poses a risk. Timing the real estate market is challenging, so buying when it aligns with your financial goals is key.

Experts predict gradual decreases in mortgage rates, with the 30-year fixed rate currently at its lowest since October 2024. Securing a low refinance rate involves improving credit score, lowering debt-to-income ratio, and potentially opting for a shorter term for a lower rate despite higher monthly payments.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, September 13, 2025: A small move higher