The average 30-year fixed mortgage rate is 6.68%, while the average refinance rate is 7.02%. Rates have stayed between 6% and 6.5% this year and are unlikely to drop below 6% soon. To get the best rates, shop with multiple lenders, compare APRs, improve credit scores, increase down payments, or buy mortgage points. A 30-year mortgage offers lower monthly payments but higher total interest and slower equity growth compared to a 15-year loan. Rates depend on credit, down payment, debt-to-income ratio, inflation, and bond market trends.