Yesterday, we said, “It won’t be surprising if tomorrow’s rate article talks about rising mortgage rates.” As predicted, 30-year and 15-year fixed-rate mortgages are back on the rise.
According to rates from Zillow’s lender marketplace, the current 30-year fixed rate is 6.25%we are up seven points since yesterday. Meanwhile, the 15-year fixed rate rose nine basis points 5.66%.
READ MORE: Weekly survey of the best mortgage lenders: Home loans reverse over 6% APR
Today’s house rates
Here are the current mortgage rates, according to the latest Zillow data:
-
30 years fixed: 6.25%
-
20 years fixed: 5.95%
-
15 years fixed: 5.66%
-
5/1 ARM: 6.41%
-
7/1 ARM: 6.02%
-
VA for 30 years: 5.71%
-
15 year VA: 5.28%
-
5/1 VA: 5.39%
Remember, these are national averages and rounded to the nearest hundredth.
Discover 8 strategies for getting the lowest mortgage rates
Today’s mortgage rates
Here are today’s mortgage rates, according to the latest Zillow data:
-
30 years fixed: 6.18%
-
20 years fixed: 6.09%
-
15 years fixed: 5.66%
-
5/1 ARM: 5.96%
-
7/1 ARM: 5.96%
-
VA for 30 years: 5.75%
-
15 year VA: 5.28%
-
5/1 VA: 5.15%
Also, the numbers given are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than home buying rates, although not always.
Do you want to repay your loan in 2026? Here’s what you have to do.
Free mortgage calculator
Use the mortgage calculator below to see how today’s interest rates will affect your monthly mortgage payments.
You can bookmark Yahoo Finance’s down payment calculator and keep it handy for future reference, as you shop for homes and the best mortgage lenders. You also have the option to include the cost of private mortgage insurance (PMI) and homeowner association fees, if applicable. This information results in a more accurate monthly payment estimate than if you simply calculated the loan principal and interest.
30-year fixed rate mortgages: The pros and cons
There are two main advantages of a 30-year fixed mortgage: Your payments are low, and your monthly payments are predictable.
A 30-year fixed-rate loan has lower monthly payments because you’re spreading your payment over a longer period of time than, say, a 15-year loan. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your rate won’t change from year to year. For many years, the only things that may affect your monthly payment are any changes in homeowners insurance or property taxes.
The main disadvantage of 30-year mortgage rates is the interest on the mortgage, both short-term and long-term.
A 30-year fixed term comes with a higher rate than a shorter fixed term, and is higher than the introductory rate of a 30-year ARM. The higher your rate, the higher your monthly payment. You will also pay more interest over the life of your loan because of the higher rate and longer term.
15-year fixed rate mortgages: The pros and cons
The pros and cons of 15-year mortgage rates are basically interchangeable with those of 30-year rates. Yes, your monthly payments will still be predictable, but another benefit is that shorter terms come with lower interest rates. Not to mention you will be paying off your mortgage in 15 years soon. So you will save hundreds of thousands of dollars in interest over the life of your loan.
However, because you pay the same amount for half the term, your monthly payments will be higher if you choose a 30-year term.
Dive deeper into 15 vs. 30 year mortgages
Adjustable mortgage rates: The pros and cons
Adjustable rate mortgages lock in your rate for a fixed period of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once a year for the remaining 25 years.
The big advantage is that the introductory rate is usually lower than what you would get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates may not reflect this, though – in some cases, fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.)
With an ARM, you have no idea what the mortgage rates will be once the introductory period is over, so you run the risk of the rate going up over time. This can ultimately end up being more expensive, and your monthly payments are not predictable from year to year.
But if you plan to move before the intro-rate period ends, you can reap the benefits of a lower rate without risking rate hikes down the road.
Learn if now is a good time to get an adjustable rate loan
Is now a good time to buy a house?
First, now is a good time to buy a house compared to a few years ago. Home prices are not increasing as they were during the height of the COVID-19 pandemic. So, if you want or need to buy a house soon, you should feel good about the current housing market.
In addition, despite the recent increase, mortgage rates are lower than they were last year.
The best time to buy is usually when it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market – buy when the time is right for you.
Which is more important, the price of your home or the mortgage rate?
Today’s Home Prices: Frequently Asked Questions
Why do 30-year mortgage rates vary by reporting source?
According to Zillow, the national average for a 30-year mortgage is currently 6.25%. Why do Zillow prices tend to be different than those reported by Freddie Mac (which reported 6.37% this week) and elsewhere? Each source compiles values in different ways, and values are reported at different times. Zillow gets rates from its lender marketplace and reports them daily, while Freddie Mac pulls information from mortgage applications submitted to its underwriting system and rates them throughout the week. However, mortgage rates vary by state and even ZIP code, lender, loan type, and many other factors. That’s why it’s so important to shop around from multiple mortgage lenders.
Are interest rates expected to drop?
According to April forecasts, the MBA expects the 30-year mortgage rate to approach 6.30% by 2026. Fannie Mae is forecasting a 30-year rate of just over 6% by the end of the year.
Are mortgage rates going down?
Not yet. The 30-year benchmark was up seven points compared to Friday, while the 15-year was up nine points.
How do I find the lowest refinance rate?
In many ways, getting a low rate mortgage refinance is the same as when you buy your home. Try to improve your credit score and lower your debt-to-income (DTI) ratio. Refinancing for a shorter period of time will also give you a lower rate, although your monthly mortgage payments will be higher.
