Interest rates on some mortgage terms have decreased today, while others have increased. For example, according to Zillow, the 30-year fixed mortgage rate is down by one basis point to 6.72%, but the 15-year fixed interest rate has risen by three basis points to 6.12%. The 5/1 ARM rate has decreased by five basis points to 6.73%.Despite these recent fluctuations, it could be a good time to buy a house. Mortgage rates shouldn’t plunge anytime soon. They’ll probably go down in 2025, but economists expect the declines to be gradual. Winter can be a good time to buy a home because there is less competition, so if you find a house you love, you could get a fair price.Dig deeper:Should you buy a house? How to know if you’re ready.Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.72% 20-year fixed: 6.55% 15-year fixed: 6.12% 5/1 ARM: 6.73% 7/1 ARM: 6.54% 30-year VA: 6.15% 15-year VA: 5.66% 5/1 VA: 6.38% Remember, these are the national averages and rounded to the nearest hundredth.Read more: How are mortgage rates determined?These are the current mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.70% 20-year fixed: 6.53% 15-year fixed: 5.99% 5/1 ARM: 6.05% 7/1 ARM: 6.70% 30-year VA: 6.04% 15-year VA: 5.83% 5/1 VA: 5.84% Again, the numbers provided are national averages rounded to the nearest hundredth. Although it’s not always the case, mortgage refinance rates tend to be a little higher than purchase rates. A mortgage calculator can help you see how different mortgage term lengths and interest rates will impact your monthly payments. Use the free Yahoo Finance mortgage calculator to play around with different outcomes.Our calculator also considers factors like property taxes and homeowners insurance when estimating your monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.Today’s average 30-year mortgage rate is 6.72%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is relatively low.If you had a $300,000 mortgage with a 30-year term and a 6.72% rate, your monthly payment toward the principal and interest would be about $1,940, and you’d pay $398,334 in interest over the life of your loan — on top of that original $300,000.The average 15-year mortgage rate is 6.12% today. Several factors must be considered when deciding between a 15-year and 30-year mortgage.A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to compound.However, because you’re squeezing the same debt payoff into half the time, your monthly payments will be higher.If you get that same $300,000 mortgage but with a 15-year term and 6.12% rate, your monthly payment would jump up to $2,5
Mar. Gen 7th, 2025
