Mortgage and Refinance Rates Today: Fixed Rates Lower Than ARM Rates
Mortgage rates are down across the board right now, with the 30-year fixed mortgage rate dropping by four basis points to 6.27% and the 15-year fixed interest rate decreasing by four basis points to 5.57%. The current average 30-year mortgage rate is lower than historical averages for introductory rates on adjustable-rate mortgages (ARMs), which are starting higher than fixed rates. Fixed mortgage rates could be a better deal, but it's essential to shop around and consider various loan options before making a decision.
- As interest rates fluctuate, borrowers should prioritize understanding their credit score, debt-to-income ratio, and savings to optimize their mortgage rate.
- What impact will the ongoing drop in fixed mortgage rates have on the housing market's affordability for first-time homebuyers and existing homeowners alike?