Mortgage rates dip, but rent inflation poses emergency for many.

Mortgage rates for 30-year, 20-year, and 15-year terms have fallen by a quarter of a percentage point, while rates for 10-year terms have risen by a quarter of a percentage point. Refinance rates for 15-year and 20-year terms have fallen by a quarter of a percentage point, while rates for 10-year terms have risen by an eighth of a percentage point. Homebuyers interested in interest savings should consider 15-year terms at 5.75%, while those looking for lower monthly payments should consider 20-year terms. It's important to compare rates and terms from multiple lenders when choosing a mortgage.