Mortgage rates hit a yearly low: A summary of the latest trends and expert adviceThe average thirty-year fixed-rate mortgage has dropped to six point zero six percent, matching a low seen in late October. This decrease makes it an attractive time to consider locking in a rate for home purchases. Other mortgage products, like the twenty-year fixed rate and fifteen-year fixed rate, are also at six point zero six percent and five point five three percent, respectively. Adjustable-rate mortgages, like the five-one ARM, are around six point one six percent.For those considering refinancing, rates are generally higher than for new purchases, with a thirty-year fixed refinance rate at six point two zero percent and a fifteen-year fixed refinance at five point six four percent. Economists do not anticipate significant drops in mortgage rates before the end of two thousand twenty-five, but now might be a good window to explore options and secure a favorable rate.

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