Mortgage rates are continuing to rise. According to Zillow, the national average 30-year fixed mortgage rate has increased by six basis points to 6.78%, and today’s 15-year fixed interest rate is up three basis points to 6.07%.The economic outlook for Q1 2025 doesn’t make it seem like mortgage rates are going to fall anytime soon. So, what can you do to get the lowest interest rate possible in a high-rate environment? First, search for ways to improve your finances — improve your credit score, pay down debts, and save more for a down payment. Second, shop around with several mortgage lenders. Find one that offers the type of mortgage loan you want, good rates, and low fees.Dig deeper: 5 strategies for getting the lowest mortgage rateHere 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.These 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.Read more: Is now a good time to refinance your mortgage?Use the free Yahoo Finance mortgage calculator to see how various mortgage terms and interest rates will impact your monthly payments.Our calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest.The average 30-year mortgage rate today is 6.78%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan.The average 15-year mortgage rate is 6.07% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals.A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time.Let’s say you get a $300,000 mortgage. With a 30-year term and a 6.78% rate, your monthly payment toward the principal and interest would be about $1,952, and you’d pay $402,641 in interest over the life of your loan — on top of that original $300,000.If you get that same $300,000 mortgage but with a 15-year term and 6.07% rate, your monthly payment would jump up t
Dom. Gen 12th, 2025
