The current 30-year fixed mortgage rate has dropped to 6.09%, the lowest in over a year and close to the 6% mark that sparked refinancing. Here are some current mortgage rates: 20-year fixed at 5.75%, 15-year fixed at 5.44%, 5/1 ARM at 6.22%, and 7/1 ARM at 6.53%. Mortgage refinance rates are slightly higher than rates for home purchases. Consider factors like interest rates and mortgage terms when deciding on a mortgage. Fixed-rate mortgages lock in your rate, while adjustable-rate mortgages change after a set period. To get the best rates, aim for a higher down payment, good credit score, and low debt-to-income ratio.

Read more at Yahoo Finance: So close to sparking a wave of refinancing