Several closely watched mortgage rates dropped today. The average rates on 30-year fixed and 15-year fixed mortgages both dropped. Meanwhile, the average rate on 5/1 adjustable-rate mortgages also trended down.
Mortgage rates are in a constant state of flux, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just make sure you’ve looked around for the best rate first.