Mortgage rates have decreased for the second week in a row, but the drops aren’t very impressive. According to Freddie Mac, the 15-year fixed interest rate is down by four basis points to 6.12% — and the 30-year fixed rate has ticked down by just one basis point to 6.95%.It looks like 30-year rates are going to hover around 7% for the first several months of 2025. So, how do you get the lowest rate possible — hopefully one under 7%?First, try to get your finances in order. See if you can improve your credit score or put money from your tax refund toward a down payment. Second, shop around with three or four mortgage lenders. Exploring your options will help you see which ones offer the lowest rates, the lowest fees, and the type of mortgage loan you need.Dig deeper: 5 strategies for getting the lowest mortgage rate possibleHave 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: 6.58% 20-year fixed: 6.32% 15-year fixed: 5.87% 5/1 ARM: 6.91% 7/1 ARM: 6.95% 30-year VA: 6.00% 15-year VA: 5.45% 5/1 VA: 6.04% Remember, these are the national averages and rounded to the nearest hundredth.Learn more:Should you lock in a mortgage rate?These are today’s mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.62% 20-year fixed: 6.22% 15-year fixed: 5.95% 5/1 ARM: 7.20% 7/1 ARM: 7.10% 30-year VA: 6.02% 15-year VA: 5.65% 5/1 VA: 5.95% 30-year FHA: 6.24% 15-year FHA: 5.90% 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
Ven. Gen 31st, 2025
