The current 30-year fixed mortgage rate has dropped to 6.18%, the lowest since October 2024. The government shutdown is contributing to lower rates, but FHA and VA loan processing times are longer. Current national averages for mortgage rates are: 30-year fixed at 6.18%, 20-year fixed at 5.62%, 15-year fixed at 5.51%, 5/1 ARM at 6.38%, and 7/1 ARM at 6.35%. Mortgage refinance rates are slightly higher. Consider factors like property taxes and insurance when estimating monthly payments. Mortgage lenders offer the best rates to those with higher down payments, great credit scores, and low debt-to-income ratios. Rates are unlikely to drop significantly soon.

Read more at Yahoo Finance: Lowest 30-year rate in over 12 months