Thinking about taking out a mortgage loan? Current mortgage rates increase to 6.125% for 30-year terms, while 15-year terms stay at 5.250%. Valerie Morris is a content editor with a focus on personal finance.

Mortgage refi rates increased slightly on Thursday after three days of declining averages. Last week, 30-year mortgage refinance rates plunged to a 19-month low.

Buy mortgage points: Mortgage points are fees paid upfront to reduce your mortgage rate, with each point typically costing 1% of the loan amount. While this involves a higher initial outlay, it can result in significant long-term savings if you plan to stay in your home for several years.

Mortgage rates have fallen significantly in 2024, opening the door for recent buyers to refinance. But the interest rate you pay isn't the only consideration when deciding whether to refinance your mortgage.

Mortgage rates are starting to fall, but that doesn't mean it's a good time to refinance. Find out why I'd wait a little longer.