Over the weekend, there was a decrease in mortgage interest rates. Zillow reported that the average 30-year fixed rate dropped by seven basis points to 6.39%, while the 15-year fixed rate decreased by nine basis points to 5.72%. Federal Reserve Chair Jerome Powell mentioned that the tariffs imposed by President Trump could have long-term effects on the United States, potentially causing inflation to rise and economic growth to slow. With the economy facing challenges, mortgage rates are likely falling. It might be a good opportunity to seek preapproval from a lender and consider securing a mortgage rate. If you are looking to buy, own, or sell a house, you can submit your queries to Yahoo's Realtors via a Google form. The current national average mortgage rates are as follows:

- 30-year fixed: 6.39% - 20-year fixed: 6.01% - 15-year fixed: 5.72% - 5/1 ARM: 6.48% - 7/1 ARM: 6.42% - 30-year VA: 5.91% - 15-year VA: 5.54% - 5/1 VA: 5.93% - 30-year FHA: 5.95% - 5/1 FHA: 5.69%

These rates are rounded to the nearest hundredth. Refinance rates are often higher than purchase rates. It's essential to consider factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. A 30-year mortgage allows for lower monthly payments due to spreading payments over a longer period, while a 15-year term comes with lower interest rates and the advantage of paying off the loan sooner. Fixed-rate mortgages lock in your rate for the loan's duration, while adjustable-rate mortgages have fluctuating rates. It's vital to compare APRs, not just interest rates, when choosing a lender. To improve your chances of securing a lower rate, focus on increasing your down payment, improving your credit score, and reducing your debt-to-income ratio. Aim to get preapproval from multiple lenders within a short timeframe for accurate comparisons. While current mortgage rates are not expected to drastically drop, minor fluctuations may occur.