As of Tuesday mortgage rates are showing slight declines, with Zillow Home Loans reporting a 6.125% average rate for a 30-year fixed loan. Buyers in the market may see slightly better offers depending on their credit, location, and loan type. What affects your mortgage rate? For example, New Jersey’s average rate was 6.85%, while Alabama saw rates drop to 4.82% earlier this year. Should you lock in your mortgage rate now?