Mortgage Rates Decline as Fed Considers Future Cuts

Mortgage interest rates in the U.S. have slightly decreased from last week, with the average 30-year fixed rate now at approximately 6.71% and the 15-year fixed rate at 6.00%, according to recent Zillow data. Although rates are down from last week's near 7% spike, they remain higher than at the start of the month, and future movements will depend on upcoming economic reports such as inflation, GDP, and jobs data. The Federal Reserve's response to economic conditions, particularly inflation and labor market strength, will influence whether rates continue to soften or rise. Experts advise homebuyers to compare lenders and loan types for the best deals, and to use mortgage calculators to understand the impact of different rates and terms on monthly payments and total costs. While a 30-year mortgage offers lower monthly payments, a 15-year term comes with a lower overall interest cost, making it important for borrowers to weigh short-term affordability against long-term savings. The market remains fluid, and prospective buyers should stay alert to economic trends and central bank decisions.