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 fluctuated slightly over the past few weeks. However, they have been hovering at 6% overall which is significantly lower that they were towards the end of last fiscal year. The rates are expected to fall throughout 2023 and could even drop to 5% by year's end. This information was provided by Zillow. Zillow has more information about mortgage rates. Use our mortgage calculator to find out how today's interest rate will impact your monthly payments. Click on "More Details" to access our free mortgage calculator. You can see how your monthly mortgage payments will change over time. This includes how much goes towards principal and interest. However, accessing that equity can be costly because of the high interest rates. A home equity line-of credit (HELOC), which allows homeowners to leverage the value of their home to finance a major purchase, such as a renovation or new home, may still be an option. The HELOC works in the same way as a credit card, except that you can only borrow the amount you need and not the entire amount. You may get a lower rate depending on your financial situation and which HELOC you choose. Keep in mind that HELOC rates can fluctuate so you may be able to get a better rate with a HELOC than with a cash-out refinance or home equity loan. However, many forecasters expect rates to start falling this year. However, rates won't fall to the historic lows borrowers enjoyed in 2020 and 2021. However, rates won't fall to historic lows that borrowers enjoyed in 2020 and 2021. However, rates could drop in the near future which would relieve some of the pressure. However, the current supply of houses is historically low which may prevent prices from falling too much. To get an idea of how much you could pay for housing, play around with the down payment amount and home price. Your monthly mortgage payment should not exceed 28% of your monthly pre-tax income. This means that your total monthly mortgage payment including taxes and insurance shouldn't exceed 28%. So shop around to get preapproved with different mortgage lenders to find the best rate. Don't borrow more than your budget allows.