Average mortgage rates surged to around 7% last month, but they've dropped recently, with markets betting that the Federal ...

Learn about your options for no-down-payment home loans. Learn about your options for no-down-payment home loans.

With a minimum 3.5% down payment for borrowers with a credit score of 580 or higher, FHA loans are often a good fit for first-time home buyers or people with little savings or credit challenges.

On the other hand, let's say in a year from now, someone buys an average-valued home for $364,000 with 20% down. But by this point, the average 30-year mortgage rate has fallen to 5.5%.