These are today's mortgage and refinance rates. Mortgage rates have been elevated this month, and they may only drop a little bit next year.

Thinking about taking out a mortgage loan? Current mortgage rates drop to 6.88% for 30-year terms, while 15-year terms fall to 6.13%.

The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

These are today's mortgage and refinance rates. Mortgage rates have increased in recent months, though they should drop a bit next year.

Mortgage rates dropped again this summer to a 15-month low, putting them back at numbers we saw in April of 2023. However, the rates are still higher than they were immediately before the pandemic, prompting some potential buyers to wonder when to buy a new home.

The best mortgage rates by state will vary based on your location. Compare mortgage rates and lenders to lock in the best mortgage rate before buying your new home.

Home purchase activity saw a surge last week after long-term mortgage rates fell for the first time in two months.

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