Mortgage rates remain steady, with the average 30-year fixed rate at 6.11%. The 15-year fixed term is up to 5.62%. Refinance rates are slightly higher, with a 30-year fixed rate at 6.28% and a 15-year fixed rate at 5.73%. Rates are national averages rounded to the nearest hundredth.

A 30-year fixed mortgage offers lower, predictable payments over time. However, the main disadvantage is higher interest rates in both the short and long term. 15-year fixed rates have the opposite pros and cons, with lower interest rates but higher monthly payments.

Adjustable-rate mortgages (ARMs) offer lower introductory rates than fixed rates, but rates can change later. Consider your plans before choosing an ARM or fixed rate. Buying a house now is favorable, with mortgage rates trending downward. Economists don’t anticipate a significant drop in rates soon.

Securing a low mortgage refinance rate involves improving credit score and lowering debt-to-income ratio. Refinancing into a shorter term can result in a lower rate, but higher monthly payments. Mortgage rates vary by state and ZIP code, with higher rates in expensive cities.

Read more at Yahoo Finance: Stuck in a range for 6 weeks