This dip in mortgage loan rates isn't just good for homebuyers, though. It has also energized existing homeowners, as evidenced by the surge in both purchase and refinance applications that occurred when rates dipped.

Explore current mortgage rates and what they mean for homebuyers.

The rate on a 30-year fixed refinance increased to 6.28% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.2%. On a 20-year mortgage refinance, the average rate is 5.

Hours after the Federal Reserve cut its benchmark interest rate on Wednesday by 25 basis points, mortgage rates ticked up 9 basis points. Why did that happen? And will mortgage rates continue to climb from here?

Mortgage rates just hit their lowest point since 2022, which means there are a few moves buyers should make now.

The average rate on a 30-year U.S. mortgage fell again this week, echoing a decline in long-term U.S. Treasury bond yields ahead of the Federal Reserve’s first rate cut this year. The rate eased to 6.26% from 6.35% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.09%.

When mortgage rates dropped to historic lows in 2021, below 3 percent, Britt Vaughan met with a real estate agent and tried to buy a home in Altadena, California, where he and his wife have lived for more than a decade.

Fed rate cuts may be reshaping borrowing costs, but reverse mortgages follow different rules than other loans.