Today's mortgage rates fit the pattern of the past few months: Average purchase rates are lower overall than refinance rates, and government-backed mortgages like VA and FHA loans — as well as 15-year fixed mortgages — carry the lowest rates of all. Rates are expected to stay low in the coming weeks, and today is a good day to lock in a low rate.
If you're ready to buy or refinance, you'll probably want a fixed-rate mortgage rather than an adjustable-rate mortgage. ARM rates are starting higher than fixed rates right now, and you'd risk your rate increasing even more in a few years. It's safer to lock in an all-time low rate while you can.
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