In August 2023, the lowest mortgage rates for 30-year fixed-rate loans were highly competitive, but the best cheapest rates was 6.375% at Better.com.
Similarly, 15-year fixed-rate mortgages saw a notable dip in rates, with the lowest rates around 5.875% at Wells Fargo.
In August 2023, the average mortgage rates for 30-year fixed-rate loans hovered around 7.06%. While not the lowest in history, these rates still represented a favorable borrowing environment for homebuyers.
However, the average rates for 15-year fixed-rate mortgages were approximately 6.58%, offering a middle-ground option for those aiming to pay off their homes quicker while still benefiting from relatively low interest costs