30-Year Mortgage RatesAverage 30-year mortgage rates are close to 6.20%, according to Zillow data.
5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.
Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.
But now that inflation has decelerated and the Fed is expected to cut rates soon, 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.
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