Average 30-year mortgage rates dropped 26 basis points to 6.47%, their lowest level since May 2023, according to Freddie Mac.
If today's mortgage rates are lower than the rate you're currently paying, refinancing could be worth it.
See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow.
Now that inflation has decelerated and a Fed cut is looking more likely, mortgage rates have trended down.
This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.
Persons:
Freddie Mac, Sam Khater, Freddie Mac's, you'll, Fannie Mae
Organizations:
Zillow, Mortgage, Association, Sky
Locations:
Chevron