The current average mortgage rate on a 30-year fixed mortgage is 6.9%, compared to 6.83% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.

Wednesday, pushing the average to a two-week high. Rates moved higher for almost every other loan type as well.

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The rate on a 30-year fixed refinance decreased to 6.98% today, according to the Mortgage Research Center. Rates averaged 5.96% for a 15-year financed mortgage and 6.85% for a 20-year financed mortgage.

Rewinding further, the 30-year average notched a high 7.37% last spring, so today's rates are significantly improved vs. 10 months ago. They're also almost 1.2 percentage points cheaper than the historic 23-year peak of 8.01% reached in October 2023.