Mortgage rates are on the decline, with the average 30-year fixed rate at 6.00% and the 15-year fixed rate at 5.50%. Refinance rates are slightly higher, with the 30-year fixed refinance rate at 6.14% and the 15-year fixed refinance rate at 5.60%. Rates are national averages and rounded to the nearest hundredth.

A 30-year fixed mortgage offers lower and predictable monthly payments, while a 15-year fixed rate results in lower interest payments and early loan payoff. Adjustable-rate mortgages provide lower initial rates but come with the risk of rate increases later on. Buying a house now is favorable due to stable home prices and decreasing mortgage rates.

Read more at Yahoo Finance: Could the next move be below 6%?