​Mortgage and refinance rates today, January 17, 2025: Don’t be alarmed by this week’s high rates 

Mortgage rates increased again this week. According to Freddie Mac, the average 30-year fixed rate is 7.04%, surpassing the 7% mark for the first time since May.However, you probably shouldn’t be too put off by this week’s Freddie Mac rate data. Freddie Mac’s published rates are based on mortgage interest rates issued in the previous week. Positive inflation data recently came out that could push rates a bit lower. So, if you’re otherwise financially ready to buy a house, now could be a good time to start shopping for homes and lenders.Dig deeper: The best mortgage lenders for first-time home buyersHave 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: 6.72% 20-year fixed: 6.45% 15-year fixed: 5.99% 5/1 ARM: 6.97% 7/1 ARM: 6.87% 30-year VA: 6.17% 15-year VA: 5.62% 5/1 VA: 6.21% 30-year FHA: 6.33% 5/1 FHA: 6.38% Remember, these are the national averages and rounded to the nearest hundredth.Learn more: 5 strategies to get the lowest mortgage ratesThese are today’s mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.74% 20-year fixed: 6.55% 15-year fixed: 5.98% 5/1 ARM: 7.30% 7/1 ARM: 7.27% 30-year VA: 6.13% 15-year VA: 5.71% 5/1 VA: 6.13% 5/1 FHA: 6.50% 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.Learn more: Want to refinance your mortgage? Here are 7 home refinance options. Yahoo Finance has a free mortgage payment calculator. Use the calculator to see how various mortgage rates and loan terms could affect your monthly payments.Our calculator also considers homeowners insurance, property taxes, and other expenses that affect your monthly payment. This will give you a better idea of what you’d realistically pay in a month than if you just look at the mortgage principal and interest.A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose from two types of rates: fixed or adjustable.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.An adjustable-rate mortgage locks in your rate for a predetermined amount of time and then changes it periodically. Let’s say you get a 7/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and housing market.At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage