This articled is authored by Yahoo Finance

Mortgage rates are down today. According to Zillow, the 30-year fixed mortgage rate has decreased by 14 basis points to 6.46%, while the 15-year rate has dropped eight basis points to 5.68%.

With the Federal Reserve leaving the federal funds rate unchanged at last week’s meeting, mortgage rates probably won’t fall more drastically this summer. However, rates could drop later this year. The CME FedWatch tool reports a 94% likelihood that the central bank will lower the rate at its September meeting. If this prediction continues to hold weight, mortgage rates could decrease leading up to the next Fed meeting.

Today’s mortgage rates

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

• 30-year fixed: 6.46%
• 20-year fixed: 6.09%
• 15-year fixed: 5.68%
• 5/1 ARM: 6.73%
• 7/1 ARM: 6.69%
• 30-year VA: 6.15%
• 15-year VA: 5.49%
• 5/1 VA: 6.11%

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

Today’s mortgage refinance rates

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

• 30-year fixed: 6.47%
• 20-year fixed: 6.15%
• 15-year fixed: 5.77%
• 5/1 ARM: 7.01%
• 7/1 ARM: 6.93%
• 30-year VA: 6.04%
• 15-year VA: 5.76%
• 5/1 VA: 5.74%

Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates.