Today, the mortgage interest rate on a 30-year fixed mortgage is 6.98%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 6.05%. On a 30-year jumbo mortgage, the average rate is 7.

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Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their loan to a lower rate, rose this week.

Currently, the average interest rate on a 30-year fixed mortgage is 6.91%, compared to 6.92% a week ago, according to the Mortgage Research Center. For borrowers who want to pay off their home faster,

Rates on 30-year refinance loans dropped 8 basis points Thursday, reducing the average to the notable 7.00% mark. Last week, the flagship refi average briefly dipped below 7% for the first time since last year.

If you're one of many homeowners who chose an ARM to escape the fixed-rate mortgage climb starting in 2022, you might be eyeing a refinance. Here's what you need to know about converting your adjustable-rate mortgage.