Current average mortgage rate on a 30-year fixed mortgage is 6.9%, with a 15-year fixed mortgage at 5.91%.
APR on a 30-year fixed-rate mortgage is 6.93%, while APR on a 15-year fixed is 5.95%.
Experts predict no significant drop in mortgage rates in the near future due to various economic factors and global events influencing them.
Different types of loans like conventional, government-backed loans (e.g., FHA, USDA), and VA loans have varying requirements affecting interest rates for borrowers.