Mortgage rates are down and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.82%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.

After declining for a fourth day, the 30-year mortgage rate average has reached a 6-week low of 6.87%. Rates for most other mortgage types also declined. Since rates vary widely across lenders, it's always smart to shop around for your best mortgage rate and compare rates regularly, no matter the type of home loan you seek.

"With borrowing costs elevated, buyers can take steps to reduce their housing expenses by securing a lower mortgage rate," said Hannah Jones, senior research analyst at Realtor.co