Mortgage rates have increased today. According to Zillow, the average 30-year fixed interest rate is up six basis points to 6.78%, and the 15-year fixed rate has risen by three basis points to 6.07%.You might be thinking, “Wait, weren’t rates supposed to go down in 2025?” Yes, that was the expectation for a long time — and ultimately, mortgage rates probably will decrease by the end of the year. But many factors are keeping rates high for now. Yesterday, the U.S. Bureau of Labor Statistics released the December jobs report, which showed that many more jobs were created last month than anticipated. This data has many economists suspecting the Federal Reserve won’t cut the federal funds rate at its January or March meetings.If you’re in no rush to buy a home, you could wait until late 2025 or into 2026 to start house hunting. But if you want to buy sooner rather than later, you may want to go ahead and start the process. After all, mortgage rates shouldn’t be plummeting anytime soon.Dig deeper: What determines mortgage rates? It’s complicated.Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.78% 20-year fixed: 6.55% 15-year fixed: 6.07% 5/1 ARM: 7.16% 7/1 ARM: 7.08% 30-year VA: 6.20% 15-year VA: 5.68% 5/1 VA: 6.36% 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: 6.84% 20-year fixed: 6.66% 15-year fixed: 6.15% 5/1 ARM: 7.50% 7/1 ARM: 7.44% 30-year VA: 6.13% 15-year VA: 5.86% 5/1 VA: 6.05% 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
Sab. Gen 11th, 2025
