Mortgage rates remain just under the critical 6% threshold for both purchases and refinances. According to Zillow data, the average 30-year fixed rate sits at 5.91% for purchases and 6.02% for refinances, while 15-year fixed rates are at 5.44% and 5.57% respectively. These rates represent national averages that may vary by location and borrower qualifications.

Today's mortgage market shows little movement from recent levels, with 30-year fixed rates holding steady below the psychologically important 6% mark. The data reveals that 15-year mortgages continue to offer lower rates than their 30-year counterparts, potentially saving borrowers significant interest over time. For example, a $400,000 mortgage at 5.91% over 30 years would cost approximately $455,038 in interest, compared to $186,010 for the same amount at 5.44% over 15 years.

mortgage rate forecasts suggest stability through 2026 and into 2027, with the Mortgage Bankers Association predicting 30-year rates near 6.1% through next year and around 6.2%-6.3% in 2027. Fannie Mae's projections align closely, expecting rates to hover near 6% for the remainder of 2026 and into 2027. This stability may provide reassurance for borrowers considering locking in rates or refinancing their mortgages.