Mortgage rates are changing! This is important news for people who want to buy a house. Think of mortgage rates as the cost of borrowing money to buy a home; lower rates mean lower monthly payments.
- Rates went down a little today.
- A 30-year mortgage now averages 6.50%.
- Shorter-term mortgages have lower rates but higher monthly payments.
- Experts aren't sure if rates will drop a lot next year.
| Mortgage Type | Rate |
|---|---|
| 30-year fixed | 6.50% |
| 15-year fixed | 5.83% |
| 5/1 ARM | 6.50% |
