Today’s mortgage rates have inclined, but only slightly. According to Zillow data, the 30-year fixed mortgage rate has increased by three basis points to 6.57%, and the 15-year fixed interest rate is up by four basis points to 5.88%. Week-over-week rates have hardly changed.Does that mean it’s a good time to buy a house? Consider that while mortgage rates show little sign of retreating, home prices remain elevated and could continue surging if tariffs on Mexico and Canada eventually send the price of building materials higher.Have questions about buying, owning, or selling a house in today’s market? Submit your question to Yahoo’s panel of Realtors using this Google form. Dig deeper: Which is more important, your mortgage rate or home price?Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.57% 20-year fixed: 6.34% 15-year fixed: 5.88% 5/1 ARM: 6.87% 7/1 ARM: 6.81% 30-year VA: 5.98% 15-year VA: 5.40% 5/1 VA: 6.08% 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: 6.58% 20-year fixed: 6.39% 15-year fixed: 5.92% 5/1 ARM: 7.11% 7/1 ARM: 7.07% 30-year VA: 6.08% 15-year VA: 5.66% 5/1 VA: 6.08% 30-year FHA: 6.18% 15-year FHA: 5.86% 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. The following tool will help you see how your location — along with your mortgage term length and loan amount — could impact your interest rate:You can also use the free Yahoo Finance mortgage calculator to play around with how different terms and rates will affect your monthly payment. Our calculator 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 6.57%. 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 6.57% rate, your monthly payment toward the principal and interest would be about $1,910, and you’d pay $387,613 in interest over the life of your loan — on top of that original $300,000.The average 15-year mortgage rate is 5.88% 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
Mar. Feb 11th, 2025
