Today's mortgage and refinance rates: December 28, 2022

Average 30-year fixed mortgage rates decreased slightly and are hovering around 6% today. Rates trended down last month and have remained low.

Today's mortgage and refinance rates: December 28, 2022

Insider's experts select the best products and services in order to help you make smart financial decisions. Here's how. Sometimes we may receive commissions from our partners. However, our opinions are always our own. The average 30-year fixed mortgage rate has trended down slightly and is now at 6%. Rates were higher than 7% a month ago. In the coming year, rates will likely fall further. Refinances can help you save hundreds of dollars per month by getting a lower mortgage rate. Zillow has more information about current mortgage rates. Mortgage type Average rate today. You can also calculate how much you will pay for the term and different rates by plugging in these variables. Click "More Details" to learn more about how to save money on your long-term mortgage. The current average fixed 30-year mortgage rate is 6.27% according to Freddie Mac. This type of mortgage will allow you to repay the amount you borrowed over 30 year periods. Your interest rate will not change over that time. It also allows you to spread your monthly payments over a longer period of time. You will pay a higher interest rate than you would if you had shorter terms or adjustable rates. Fixed 15-year mortgage rates A HELOC will have a higher monthly cost than a shorter term. There are pros and cons to consider if you want to tap into your equity. This is especially true considering the rise in home prices over the last few years. It's important to consider the pros and cons of HELOCs. However, rates have been trending down in recent years and will likely fall further in 2023/24. But rates are unlikely to fall dramatically anytime soon. Mortgage rates will also fall as inflation begins to decline. The average 30-year fixed rate will remain in the 5%-6% range through 2023, but the Federal Reserve has increased the federal funds rate this past year to slow down economic growth and keep inflation under control. Although inflation has slowed down somewhat so far, it is still above the Fed's target rate of 2%. However, mortgage rates can be affected by Fed rate hikes. They often trend higher or lower ahead of Fed policy changes. Mortgage rates are affected by investor demand for mortgage-backed securities. Investor expectations of Fed hikes often impact this demand. The Fed indicated that it is monitoring for signs of sustained slowing inflation and will not stop raising rates anytime soon. However, it might opt for smaller increases at its next meeting.