What today’s 6.54% mortgage rate means for your payment?

Current average 30-year fixed mortgage purchase rates are slightly lower (6.54%) than refinance rates (6.59%). VA loans offer the lowest rates and often no down payment. A $300,000 loan at 30 years costs about $1,935 monthly with $396,000 interest, while a 15-year loan costs $2,537 monthly but saves interest to $157,000. Rates depend on credit, down payment, and location. Rate locks don’t drop if market rates fall unless a float-down option is purchased. Refinancing should be based on savings outweighing closing costs.