After staying stagnant last week, mortgage rates have increased again this week. According to Freddie Mac, the national average 30-year fixed mortgage rate has risen by six basis points to 6.84%, and the 15-year fixed rate is up three basis points to 6.02%.Many economists had expected mortgage rates to drop throughout 2025 — but experts are becoming less optimistic. Last month, Fannie Mae and the Mortgage Bankers Association predicted the 30-year fixed rate would reach 5.90% and 5.60%, respectively, by Q4 2025. Now, Fannie Mae forecasts the rate will be 6.30% by the end of 2025, and the MBA predicts 6.40%. Neither organization predicts the 30-year rate will fall to 6% by the end of 2026.If you want to buy a house, it might not be worth it to hold out for lower rates. They probably aren’t coming for us anytime soon. Focus on things you can control: Shopping within your budget, finding a great real estate agent, and choosing the best mortgage lender.Dig deeper: Mortgage rates resume climb toward 7%Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.60% 20-year fixed: 6.41% 15-year fixed: 5.92% 5/1 ARM: 7.16% 7/1 ARM: 6.96% 30-year VA: 6.01% 15-year VA: 5.59% 5/1 VA: 6.20% 30-year FHA: 5.70% 15-year FHA: 5.71% 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: 6.62% 20-year fixed: 6.69% 15-year fixed: 5.98% 5/1 ARM: 7.88% 7/1 ARM: 7.59% 30-year VA: 6.00% 15-year VA: 5.90% 5/1 VA: 5.57% 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
Dom. Dic 22nd, 2024
