The ongoing high-rate environment may feel frustrating for people hoping to buy a home or refinance their mortgage. But there is good news: Mortgage rates are down week over week.According to Zillow, the average 30-year fixed mortgage rate has decreased by five basis points since this time last week and now sits at 6.67%. The 15-year fixed rate has dropped by 12 basis points to 6.00%.Dig deeper: 2025 housing market — Is it 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: 6.51% 15-year fixed: 6.00% 5/1 ARM: 6.68% 7/1 ARM: 6.65% 30-year VA: 6.08% 15-year VA: 5.63% 5/1 VA: 6.23% 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: 6.65% 20-year fixed: 6.62% 15-year fixed: 5.89% 5/1 ARM: 6.04% 7/1 ARM: 6.68% 30-year VA: 6.05% 15-year VA: 5.77% 5/1 VA: 5.97% 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 6.67%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan.The average 15-year mortgage rate is 6.00% 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 6.67% 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.If you get that same $300,000 mortgage but with a 15-year term and 6.00% rate, your monthly payment would jump up to $2,532. But you’d only pay $155,683 in interest over the years.With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though.An adjustable-rate mortgage keeps your rate the same for a predetermined p
Mar. Gen 7th, 2025
