Some mortgage rates have increased today, and others have decreased — but overall, the changes aren’t drastic. According to Zillow, the 30-year fixed mortgage rate is down by three basis points to 6.54%, and the 15-year fixed rate inched down by one basis point to 5.87%.Interest rates have been holding steady for the last week, but they could shift tomorrow after the Bureau of Labor Statistics releases the latest Consumer Price Index (CPI), a key measure of inflation. Mortgage rates could decrease if inflation has slowed and beats economists’ expectations. On the other hand, higher inflation could cause rates to go up.Dig deeper: How inflation affects mortgage ratesHere are the current mortgage rates, according to our latest Zillow data: 30-year fixed: 6.54% 20-year fixed: 6.26% 15-year fixed: 5.87% 5/1 ARM: 6.61% 7/1 ARM: 6.53% 30-year VA: 6.02% 15-year VA: 5.46% 5/1 VA: 6.09% 30-year FHA: 5.67% 15-year FHA: 5.25% Remember that these are the national averages and rounded to the nearest hundredth.Read more: How to get the lowest mortgage rates possibleHave questions about buying, owning, or selling a house? Submit your question to Yahoo’s panel of Realtors using this Google form. These are the current mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.57% 20-year fixed: 6.27% 15-year fixed: 5.91% 5/1 ARM: 6.66% 7/1 ARM: 6.36% 30-year VA: 5.98% 15-year VA: 5.69% 5/1 VA: 5.96% 30-year FHA: 6.15% 15-year FHA: 5.89% 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 6.54% rate, you’ll make a monthly payment of about $2,539 toward your mortgage principal and interest. As interest accumulates over decades, you’ll end up paying $513,969 in interest.If you get a $400,000 15-year mortgage with a 5.87% rate, you’ll pay about $3,347 monthly toward your principal and interest. However, you’ll only pay $202,532 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 yo
Mar. Feb 11th, 2025
