Mortgage rates have dropped, with the current 30-year fixed rate at 6.11%. National averages for various mortgage terms include 20-year fixed at 5.98% and 15-year fixed at 5.58%. Refinance rates are slightly higher, such as 30-year fixed at 6.29%. Choosing between a 15-year and 30-year mortgage affects monthly payments and total interest paid. Fixed-rate mortgages lock in a rate, while adjustable-rate mortgages change after an initial period. To get lower rates, improve credit scores and reduce debt. Focus on personal finances for the best rate. Apply for preapproval with multiple lenders and compare APRs. National averages may vary by location.

Read more at Yahoo Finance: Moving closer to refinance territory