Mortgage rates have ticked up today. According to Zillow, the national average 30-year fixed rate is up by five basis points to 6.64%, and the 15-year fixed rate has increased by six basis points to 5.97%.Home loan rates are rising in response to the latest inflation data. Yesterday, the U.S. Bureau of Labor Statistics released the January Consumer Price Index (CPI), a key measure of inflation. The CPI showed that inflation rose by 0.5% since December — the largest month-over-month increase since August 2023.The Federal Reserve wants lower inflation before cutting the federal funds rate again, meaning you shouldn’t expect a fed funds rates cut at the March Fed meeting. Mortgage rates could stay high or even keep inching up for a while. So, locking in a rate sooner rather than later might not be a bad idea.Read more: How inflation impacts mortgage ratesHere are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.64% 20-year fixed: 6.44% 15-year fixed: 5.97% 5/1 ARM: 6.65% 7/1 ARM: 6.71% 30-year VA: 6.13% 15-year VA: 5.56% 5/1 VA: 6.09% 30-year FHA: 5.75% 15-year FHA: 5.25% Remember, these are the national averages and rounded to the nearest hundredth.Learn more: 5 strategies to get the lowest mortgage ratesHave questions about buying, owning, or selling a house? Submit your question to Yahoo’s panel of Realtors using this Google form. Here are today’s mortgage refinance interest rates, according to the latest Zillow data: 30-year fixed: 6.67% 20-year fixed: 6.46% 15-year fixed: 6.00% 5/1 ARM: 6.66% 7/1 ARM: 6.76% 30-year VA: 6.10% 15-year VA: 5.68% 5/1 VA: 6.02% 30-year FHA: 6.28% 15-year FHA: 6.01% As with the purchase mortgage rates, these are national averages we’ve rounded to the nearest hundredth. Refinance rates can be higher than purchase mortgage rates, but that isn’t always the case. Yahoo Finance has a free mortgage payment calculator to help you see how various mortgage rates will impact your monthly payments.Our calculator goes even deeper by including factors like homeowners insurance and property taxes in your calculation. You can even add private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be.A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates.A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will stay at 6% for the entire 30 years. (Unless you refinance or sell the home.)An adjustable-rate mortgage keeps your rate the same for the first few years, then changes it periodically. Let’s say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years and then the rate wou
Gio. Feb 13th, 2025
