National average mortgage rates are entering the target range for many buyers and refinancers. According to Zillow, the average 30-year fixed mortgage rate is now 5.91%. The 15-year fixed rate now stands at 5.44%. Since these are national averages, you can qualify for an even lower rate. Shop with a few mortgage lenders to find your best price offer.

Here are the current mortgage rates, according to the latest data from Zillow:

• Fixed at 30 years: 5.91%

• Fixed at 20 years: 5.86%

• Fixed at 15 years: 5.44%

• 5/1 ARM: 5.93%

• 7/1 ARM: 6.04%

• VA of 30 years: 5.50%

• 15-year VA: 5.13%

• 5/1 GO: 5.16%

Remember, these are national averages and rounded to the nearest hundredth.

Here are the current mortgage refinance rates, according to the latest data from Zillow:

• Fixed at 30 years: 6.09%

• Fixed at 20 years: 5.95%

• Fixed at 15 years: 5.57%

• 5/1 ARM: 6.16%

• 7/1 ARM: 5.86%

• VA of 30 years: 5.54%

• 15-year VA: 5.29%

• 5/1 GO: 5.34%

Again, the figures provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are usually higher than rates when you buy a home, although this is not always the case.

Use the mortgage calculator below to see how different mortgage terms and interest rates will affect your monthly payments.

You can bookmark Yahoo Finance Mortgage payment calculator and keep it handy for future use. It also takes into account factors such as property taxes and homeowner’s insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of ​​your total monthly payment than if you were just looking at the mortgage principal and interest.

The average 30-year mortgage rate today is 5.91%. A 30-year term is the most popular type of mortgage because by spreading your payments over 360 months, your monthly payment is lower than with a short-term loan.

The average 15-year mortgage rate is 5.44% today. When deciding between a 15-year and 30-year mortgageconsider your short-term and long-term goals.

A 15-year mortgage has a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years earlier, and that’s 15 less years for interest to accrue. But the trade-off is that your monthly payment will be higher as you pay the same amount in half the time.

Let’s say you get one $300,000 mortgage. With a 30-year term and a rate of 5.91%, your monthly principal and interest payment would be approximately $1,781and would pay $341,279 of interest over the life of your loan, on top of that original $300,000.

If you took out the same $300,000 mortgage with a 15-year term and a rate of 5.44%, your monthly payment would increase to $2,442. But I would just pay $139,508 in interest over the years.

With a fixed rate mortgageyour rate is locked in for the life of your loan. However, you will get a new rate if you refinance your mortgage.

An adjustable rate mortgage keeps your rate the same for a predetermined period of time. The rate will then go up or down based on a number of factors, including the economy and the maximum amount your rate can change under your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term.

Adjustable rates usually start lower than fixed rates, but after the initial rate lock period ends, the rate may go up. Lately, however, some fixed rates have started to be lower than adjustable rates. Talk to your lender about their rates before choosing one or the other.

Mortgage lenders usually give the lowest mortgage rates to people with higher down payments, excellent credit scores and low debt-to-income ratios. So if you want a lower rate, try saving more, improving your credit scoreor pay off any debt before starting to buy homes.

Waiting for rates to drop is probably not the best method to get the lowest mortgage rate right now. If you’re ready to buy, focusing on your personal finances is probably the best way to lower your rate.

To find the best mortgage lender for your situation, apply pre-approval of the mortgage with three or four companies. Just be sure to apply them all in a short period of time; doing so will give you the most accurate comparisons and have the least impact on your credit score.

When choosing a lender, don’t just compare interest rates. look at the mortgage annual percentage rate (APR) — this takes into account the interest rate, discount points and fees. The APR, which is also expressed as a percentage, reflects the actual annual cost of borrowing money. This is probably the most important number to consider when comparing mortgage lenders.

According to Zillow, the national average 30-year mortgage rate to buy a home is 5.91% and the average 15-year mortgage rate is 5.44%. But these are national averages, so the average in your area could be different. Averages tend to be higher in expensive areas of the US and lower in less expensive areas.

The 30-year fixed mortgage rate is 5.91% right now, according to Zillow. However, you can get an even better rate with an excellent credit score, a large, low down payment debt to income ratio (DTI).

According to the January forecast, the MBA expects the 30-year mortgage rate to be near 6.1% through 2026. Fannie Mae also expects the 30-year rate to be near 6% through the end of the year.