With mortgage rates changing daily, it's a good idea to check today's rate before applying for a loan. It's also important to compare different lenders' current interest rates, terms, and fees to ensure you get the best deal. Median mortgage interest rates ...

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.25% for a 15-year fixed-rate mortgage

Mortgage rates on a 30-year home loan have fluctuated throughout the year, reaching a peak of 7.22 percent in May. In late September, the average rate dipped to 6.08 percent, the lowest level in two years, after the Federal Reserve cut interest rates. But mortgage rates have since crept higher until this week.

The mortgage interest rates of 2020 and 2021 may never reappear but, if they do, it will be a gradual process to get them back there (minus a catastrophic economic downturn). Homebuyers and homeowners looking to refinance, then, shouldn't wait for a perfect circumstance that's unlikely to materialize.

Thinking about taking out a mortgage loan? Current mortgage rates remain at 6.88% for 30-year terms, while 15-year terms rise to 6.25%. Valerie Morris is a content editor with a focus on personal finance.

These are today's mortgage and refinance rates. Mortgage rates are expected to go down next year, but that hinges on inflation continuing to slow.