India, July 3 -- The current 30-year fixed mortgage rate dropped by 0.65 % last week to 6.61%, according to the Mortgage Research Center. The average interest rate for a 15-year fixed-rate mortgage also declined, falling 0.08% to 5.57% over the same period, according to a Forbes report.

This means that a $100,000 loan with an interest rate of 5.57% would require a monthly payment of about $821, excluding taxes and insurance, per the report. Meanwhile, the total interest costs over the life of a 15-year mortgage would be around $48,224.

The average rate for a 30-year fixed jumbo mortgage is 6.94%. Last week, it was 6.95%. A jumbo loan is a mortgage that is bigger than the loan limit set by the FHFA for that area.

Rates dropped somewhat ...