Purchase rates have decreased on almost all mortgage terms today. According to Zillow, the 30-year fixed mortgage rate has dropped by eight basis points to 6.64%, and the 15-year fixed rate is down by nine basis points to 6.03%.Although mortgage interest rates are expected to go down in 2025, the decreases will likely be gradual. If you’re otherwise financially ready to buy a home, you may not want to hold out for lower rates — you could be waiting a while. And remember, you can always refinance your mortgage later when rates are lower.Dig deeper: 2025 housing market — Is it a good time to buy a house?Here are the current mortgage rates, according to our latest Zillow data: 30-year fixed: 6.64% 20-year fixed: 6.48% 15-year fixed: 6.03% 5/1 ARM: 6.71% 7/1 ARM: 6.57% 30-year VA: 6.08% 15-year VA: 5.63% 5/1 VA: 6.27% Remember that these are the national averages and rounded to the nearest hundredth.Read more: How to get the lowest mortgage rates possibleThese are the current mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.67% 20-year fixed: 6.54% 15-year fixed: 6.05% 5/1 ARM: 5.89% 7/1 ARM: 6.47% 30-year VA: 6.11% 15-year VA: 5.99% 5/1 VA: 6.50% Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates. A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect 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 calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.As a rule of thumb, 15-year mortgage rates are lower than 30-year mortgage rates. When comparing 15- versus 30-year mortgage rates, know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you’re paying off the same loan amount in half the time.For example, with a $400,000 mortgage with a 30-year term and a 6.64% rate, you’ll make a monthly payment of about $2,565 toward your mortgage principal and interest. As interest accumulates over decades, you’ll end up paying $523,476 in interest.If you get a $400,000 15-year mortgage with a 6.03% rate, you’ll pay about $3,382 monthly toward your principal and interest. However, you’ll only pay $208,744 in interest over the years.If that 15-year mortgage monthly payment is too high, remember you can always make extra mortgage payments on your 30-year loan to pay off your mortgage faster and ultimately pay less interest.With a fixed-rate mortgage, your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage.An adjustable-rate mortgage keeps your rate the same for a set period of time. Then the rate
Gio. Gen 9th, 2025
