Mortgage rates across the US are still holding below 7%, with current averages around 6.5% for 30-year fixed loans and in the high-5% range for 15-year terms. While we’re seeing rates a bit higher than yesterday and above what we saw in early Q1, they remain under recent highs as inflation and ongoing global tensions keep borrowing costs elevated.
One thing I see time and again in my work: comparing offers from multiple lenders can make a real difference. Borrowers who don’t shop around often end up paying close to $78,000 more over the life of their mortgage. That’s why I always recommend getting quotes from at least three lenders.
For those weighing their options, shorter loan terms can help you build equity faster and reduce overall interest, but a 30-year loan offers more payment flexibility—including the ability to make extra payments if your budget allows. As we look ahead, forecasts suggest mortgage rates will likely remain above 6% for the rest of the year, with the central bank’s outlook pointing to continued pressure.
Whether you’re a first-time buyer or exploring new opportunities, understanding these trends and your loan options is key to making confident decisions.
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