Mortgage rates are down and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.87%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.

Every Thursday, Freddie Mac, a government-sponsored buyer of mortgage loans, publishes a weekly average of 30-year mortgage rates. Last week's reading edged 4 basis points lower to 6.85%. Last September, the average sank as far as 6.08%. But back in October 2023, Freddie Mac's average saw a historic rise, surging to a 23-year peak of 7.79%.