Most mortgage rates have inched up today. According to Zillow, the 30-year fixed mortgage rate has increased by three basis points to 6.57%, and the 15-year fixed rate has risen by four basis points to 5.88%.These small increases are likely a response to the latest labor data. Yesterday, the U.S. Bureau of Labor Statistics released the January jobs report, which showed that the unemployment rate fell to its lowest point in eight months. Mortgage rates tend to increase when the economy does well.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: 6.57% 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.Learn more: 5 strategies for getting the lowest mortgage ratesThese are today’s 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. Mortgage refinance rates are often higher than rates when you buy a house, although that’s not always the case. Seeing national average mortgage rates is useful, but it can be even more helpful to see estimated rates based on your location and financial situation. Enter a few quick facts about your house hunt here to calculate what your rate could be:You can also use Yahoo Finance’s free Yahoo’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
Sab. Feb 8th, 2025
