Mortgage rates are down and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.82%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.

The Federal Reserve is expected to hold interest rates steady today. Here's what that means for prospective homebuyers.

For decades, the conventional wisdom about mortgage refinancing has been clear: You should swap loans only when mortgage rates have dropped a full percentage point from the rate on your original loan. However, that’s not always the case.

Variable-rate mortgages are generally just one rate cut away from being a few basis points cheaper than five-year fixed-rate mortgages, and consumers will have to consider whether that discount is worth the risk that inevitably comes with a variable-rate mortgage.

Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what’s next for Fed rate cuts, labor data and inflation. With mortgage rates stuck near 7%, it's not shaping up to be a hot summer housing market.

Since rates vary widely across lenders, it's always smart to shop around for your best mortgage rate and compare rates regularly, no matter the type of home loan you seek. Rates on 30-year new purchase mortgages edged up a single basis point Friday,