Mortgage rates have decreased for several consecutive days, but they’re still relatively high. According to Zillow, the current 30-year fixed interest rate is 6.67%, and the 15-year fixed rate is 5.95%. So, should you buy soon or hold out for lower rates?First of all, mortgage rates should go down throughout 2025 — but the drops will probably be gradual. Second, trying to time the real estate market is like timing the stock market. It’s often fruitless because there are numerous factors in play, and you don’t know what’s going to happen at any given time. If you’re financially ready to buy a house, you may want to start the process sooner rather than later. Remember, you can always refinance at a lower rate in a few years.Have questions about buying, owning, or selling a house in today’s market? Submit your question to Yahoo’s panel of Realtors using this Google form. Dig deeper: Is 2025 a good time to buy a house?Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.67% 20-year fixed: 6.45% 15-year fixed: 5.95% 5/1 ARM: 6.94% 7/1 ARM: 6.91% 30-year VA: 6.12% 15-year VA: 5.56% 5/1 VA: 6.16% 30-year FHA: 6.33% 5/1 FHA: 6.38% Remember, these are the national averages and rounded to the nearest hundredth.Read more: How are mortgage rates determined?These are the current mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.67% 20-year fixed: 6.46% 15-year fixed: 5.92% 5/1 ARM: 7.24% 7/1 ARM: 7.45% 30-year VA: 6.10% 15-year VA: 5.72% 5/1 VA: 6.04% 5/1 FHA: 6.50% Again, the numbers provided are national averages rounded to the nearest hundredth. Although it’s not always the case, mortgage refinance rates tend to be a little higher than purchase rates. A mortgage calculator can help you see how different mortgage term lengths and interest rates will impact your monthly payments. Use the free Yahoo Finance mortgage calculator to play around with different outcomes.Our calculator also considers factors like property taxes and homeowners insurance when estimating your monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.Today’s average 30-year mortgage rate is 6.67%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is relatively low.If you had a $300,000 mortgage with a 30-year term and a 6.67% rate, your monthly payment toward the principal and interest would be about $1,930, and you’d pay $394,752 in interest over the life of your loan — on top of that original $300,000.The average 15-year mortgage rate is 5.95% today. Several factors must be considered when deciding between a 15-year and 30-year mortgage.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
Lun. Gen 20th, 2025
