Mortgage rates today remain stable compared to last week, with the average 30-year fixed rate at 6.01% and the 15-year fixed rate slightly lower at 5.44%. National averages are rounded to the nearest hundredth, according to Zillow data.

For those interested in refinancing, the latest Zillow data shows rates for a 30-year fixed mortgage at 6.16%, 20-year fixed at 5.97%, and 15-year fixed at 5.61%. Refinance rates are typically higher than purchase rates but can vary.

A 30-year fixed mortgage offers lower and predictable monthly payments, while the main drawback is higher interest costs in the short and long term. In contrast, a 15-year fixed mortgage has higher monthly payments but lower interest rates and quicker loan payoff.

Adjustable-rate mortgages (ARMs) provide lower introductory rates than fixed-rate mortgages, but the rate changes periodically, leading to unpredictable monthly payments. ARMs may benefit those planning to move before the rate adjustment period.

The current national average 30-year mortgage rate is 6.01%, sourced by Zillow. Rates from different sources may vary due to compilation methods. Mortgage rates can differ by state, ZIP code, lender, and other factors, emphasizing the importance of comparing rates.

Expectations for interest rates to decrease are minimal, with forecasts predicting rates to remain near 6% or slightly lower through the next few years. Mortgage rates have gradually declined since the end of May, following a peak in January.

Securing a low mortgage refinance rate mirrors the process of buying a home, focusing on improving credit score, reducing debt-to-income ratio, and considering a shorter loan term for a lower rate, even though monthly payments may increase.

Read more at Yahoo Finance: Almost exactly where they were one week ago