Mortgage interest rates have increased today, though not by much. According to Zillow, the average 30-year fixed rate has risen by five basis points to 6.59%, and the 15-year fixed rate is up four basis points to 5.91%. Rates have probably inched up in anticipation of the Bureau of Labor Statistics releasing new inflation data today.While mortgage rates hold relatively steady, home prices continue to rise. In December, the median home price increased by 6% from the end of 2023 to $404,400, marking the 18th consecutive month of year-over-year price gains and the largest annual growth since October 2022. It may be a good time to lock in a rate and buy a house before the busy spring home-buying season gets underway.Have questions about buying, owning, or selling a house? Submit your question to Yahoo’s panel of Realtors using this Google form. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.59% 20-year fixed: 6.40% 15-year fixed: 5.91% 5/1 ARM: 6.62% 7/1 ARM: 6.71% 30-year VA: 6.05% 15-year VA: 5.48% 5/1 VA: 6.07% 30-year FHA: 5.67% 15-year FHA: 5.25% Remember, these are the national averages and rounded to the nearest hundredth.Learn more: Here’s how mortgage rates are determinedThese are today’s mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.64% 20-year fixed: 6.38% 15-year fixed: 6.00% 5/1 ARM: 6.60% 7/1 ARM: 6.42% 30-year VA: 6.05% 15-year VA: 5.64% 5/1 VA: 6.16% 30-year FHA: 6.22% 15-year FHA: 5.91% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that’s not always the case. Use Yahoo Finance’s free mortgage calculator to see how various interest rates and term lengths will impact your monthly mortgage payment. It also shows how the home price and down payment amount play into things.Our calculator includes homeowners insurance and property taxes in your monthly payment estimate. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners’ association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest.There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn’t going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes.The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term.A 30-year fixed term com
Mer. Feb 12th, 2025
