Mortgage rates hit their lowest point since October 2024, with a 30-year fixed rate at 6.23% and 15-year fixed rate at 5.51%. Zillow data shows current rates, including 30-year fixed at 6.00% and 15-year at 5.50%. Refinance rates may be higher than purchase rates, around 6.14% for 30-year fixed.

Factors affecting mortgage rates include the economy, employment rates, and housing market conditions. Lenders offer lower rates to those with higher credit scores, lower debt-to-income ratios, and larger down payments. Fixed-rate mortgages maintain the same rate for the entire loan term, while adjustable-rate mortgages change periodically after an initial fixed period.

Two of the most common mortgage terms are 30-year and 15-year fixed-rate mortgages. A 30-year mortgage has lower monthly payments but higher interest over time, while a 15-year mortgage has lower interest overall but higher monthly payments. Some banks with low median rates include Bank of America and Citibank.

Experts suggest refinancing when you can secure a rate 2% lower than your current rate, but some say even 1% can make a difference. Your financial goals and break-even point after paying closing costs will determine the best time to refinance.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, November 27, 2025: Lowest since October 2024