Mortgage rates rose slightly this week. The average 30-year fixed rate is 6.22%, up from 6.79% a year ago. The 15-year fixed rate is now 5.50%, compared to 6.00% last year. Rates are influenced by 10-year Treasury notes. Current Zillow data shows national average rates for various terms.

Refinance rates are also up, with 30-year fixed at 6.30% and 15-year fixed at 5.75%. Refinance rates can be higher than purchase rates. Mortgage calculators help estimate monthly payments. Fixed-rate mortgages lock in a rate for the loan term, while adjustable-rate mortgages change periodically.

Factors like credit score, DTI ratio, and down payment influence mortgage rates. The economy impacts rates, with struggling economies leading to lower rates. 30-year mortgages have lower monthly payments but higher long-term costs. 15-year mortgages save on interest but come with higher monthly payments.

The lowest median mortgage rates are at banks like Bank of America and Citibank. Shopping around for rates is recommended. Rarely will rates be as low as 2.75%. The lowest-ever national average rate was 2.65% in January 2021. Experts suggest refinancing when rates are at least 1-2% lower than your current rate.

Read more at Yahoo Finance: Weekly rates are up, annual rates are down