Mortgage rates have dropped, with the average 30-year fixed rate at 6.15% and the 15-year fixed at 5.64%. Other rates include a 20-year fixed at 5.97%, 5/1 ARM at 6.44%, and 7/1 ARM at 6.36%. VA loan rates are slightly lower. Refinance rates are slightly higher. Fixed-rate mortgages lock rates for the loan's life, while ARMs adjust after a set period. Better credit and down payments yield lower rates. Comparing APRs across lenders is advised.