The average interest rate on a 30-year fixed mortgage is currently 6.83%, while the rate on a 15-year fixed mortgage is 5.85%.
Homeowners looking to refinance should compare their existing mortgage rate with current rates to evaluate the cost benefits of refinancing.
The average APR on a 30-year fixed-rate mortgage is 6.86%, while on a 15-year fixed loan, it is 5.9%.
Mortgage rates are influenced by economic factors, such as U.S. Treasury bond yields, Federal Reserve decisions, and global events, making it challenging to predict future rate decreases.