Mortgage rates are mostly stagnant since yesterday. The 30-year fixed mortgage rate is 6.74%, 15-year fixed rate is 6.32%, and 5/1 ARM rate is 6.73%.

Rates have stayed high in anticipation that the Federal Reserve would announce at today's meeting that it will not move the federal funds rate this month. When the federal funds rate stays high, mortgage rates typically follow suit. The Fed did, indeed, reveal that it's keeping the rate the same at this afternoon's meeting.

What does this mean for hopeful home buyers? If you are otherwise financially ready to buy a house, you may want to move sooner rather than later — the peak spring home-buying season is closing, and inventory will go up in summer, giving you more choices. Mortgage rates won't fall drastically for a while. Remember, you can always refinance your mortgage and lock in a lower rate in a few years.

Dig deeper: When will mortgage rates finally go down?

Mortgage rates today

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

• 30-year fixed: 6.74%

• 20-year fixed: 6.32%

• 15-year fixed: 6.08%

• 5/1 ARM: 6.73%

• 7/1 ARM: 6.90%

• 30-year FHA: 6.10%

• 15-year FHA: 6.14%

• 30-year VA: 6.07%

• 15-year VA: 5.65%

• 5/1 VA: 6.18%

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

Learn more: 5 strategies to get the lowest mortgage rates

Is now a good time to buy a home?

June can be one of the best times of year to buy a house because we're transitioning from spring to summer. Spring is the main home-buying season, and more homes go on the market in summer, so you will probably have more options than you did earlier in 2024.

Because 30-year rates are hovering around 6.75%, it probably doesn’t feel like a good time to buy a house — but it may be a better time than you think. The average 30-year fixed rate has been dancing around 7% for weeks, which feels terrible compared to 2021 when many people could get a rate under 3%.

But keep in mind, the highest mortgage interest rate was 18.63% in October 1981. Suddenly, 6.74% doesn’t seem so bad, does it? It’s also extremely unlikely that rates will drop to below 3% anytime soon unless another unexpected anomaly like the COVID-19 pandemic happens again.

Also, even though house prices are high, they are growing less aggressively than they were a couple of years ago. And new-home construction is starting to pick up.

In a nutshell: Whether or not it's a good time to buy ultimately depends on your life stage and financial situation — but it’s probably a better time to buy than many people think it is.

Should you get a HELOC now?

If you’re already a homeowner and need some extra money, 2024 could be a good time to get a home equity line of credit (HELOC).

A HELOC is a type of second mortgage loan that lets you borrow against the equity in your home. Since home values have soared in the last few years, you may have built up quite a bit of equity.

Unlike a home equity loan that lends you money all in one lump sum, a HELOC is a line of credit, so you can tap into it whenever you need money. And you only have to pay interest on the money you end up borrowing. If you don’t use the full line of credit, you don’t have to pay interest on the money you didn’t touch.

HELOCs usually start with lower interest rates than home equity loans. The rates are usually adjustable, meaning you risk your rate increasing later — but if rates continue to trend downward, your rate might actually end up decreasing down the road.

Dig deeper: HELOC vs. home equity loan

Still, do your homework before applying for a HELOC. Do the math, weigh the pros and cons, and talk to your lender. It can be a good time to use that money for things like home improvements that will increase your house’s value even more, but using the line of credit for non-essential expenses can be risky.