30-year fixed mortgage rates remain below 6%.

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Mortgage rates stabilized slightly. In mid-June, 30-year fixed mortgage rates climbed above 6% and stayed there for some time. But this month they have mostly remained below the market by 6%, with the latest data showing 30-year fixed-rate mortgages hit 5.78%, according to Bankrate data from July 6. And the national average for 15-year fixed-rate mortgage loans, after climbing above 5% in June, fell to 4.95%, according to Bankrate data. But will they continue to ease or are we headed for more rate hikes? (See the lowest mortgage rates you can get now here.)

If you can afford it, 15-year mortgage rates are lower than 30-year mortgage rates. Adjustable rate mortgages (ARMs) are also worth considering, but only if it makes sense for your long-term plans. The latest Bankrate data shows that average rates on ARMS 5/1 (rates are fixed for five years and then adjusted) are 4.27%, significantly lower at the start than fixed rate mortgages of 15 and 30 years, but ARMs tend to make the most sense for short-term homeowners who only plan to be in the same home for 5-7 years. As ARM rates become variable, “ARMs can be risky, and in the long run they may end up costing more than a fixed mortgage with a higher initial rate,” said Jacob Channel, senior economics analyst. from LendingTree, to MarketWatch Picks.

No matter what loan you get, experts recommend getting quotes from 3-5 lenders and determining your credit score (improve if necessary) and debt-to-income ratio (DTI), which can help you. help determine the rate you can expect. Pay. To calculate your DTI, divide your monthly debt payments (mortgage, credit card payments, car, student or personal loans, child support) by your gross monthly income. If the number you come out with is 36% or less, your chances of qualifying for a mortgage, and at a better rate, are better than if you come out with a higher number like DTI. (See the lowest mortgage rates you can get now here.)

Still looking for ways to lower your mortgage rate? Purchasing rebate points, which are fees paid to reduce an interest rate, can help; one point generally lowers the interest rate by 0.25%, although this may vary. “When you pay cash back points, you’re giving the lender a portion of the interest payments up front in exchange for paying less interest each month,” Nerdwallet home and mortgage expert Holden Lewis recently said. , at MarketWatch Picks. But note that there may be limits to the number of discount points you can buy, and buying points may not make sense, especially if you don’t plan on staying in the house for long. This MarketWatch Picks guide will help you get lower interest rates.