Half a point less than a year ago

Mortgage rates are half a point lower than a year ago. According to Freddie Mac, the national 30-year fixed mortgage average this week is 6.19%. A year ago, it averaged 6.69% The 15-year fixed rate is 5.44%. At this time last year, it averaged 5.96%.

“Mortgage rates fell for the second week in a row coming out of the Thanksgiving holiday,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Compared to this time last year, mortgage rates are half a percent lower, creating a more favorable environment for homebuyers and homeowners.”

Here are the current mortgage rates, according to the latest Zillow data:

• 30 years fixed: 5.97%

• 20 years fixed: 5.91%

• 15 years fixed: 5.41%

• 5/1 ARM: 6.02%

• 7/1 ARM: 6.13%

• VA for 30 years: 5.57%

• VA for 15 years: 5.30%

• 5/1 VA: 5.39%

Remember, these are national averages and rounded to the nearest hundredth.

These are the current mortgage refinance rates, according to the latest Zillow data:

• 30 years fixed: 6.13%

• 20 years fixed: 6.22%

• 15 years fixed: 5.56%

• 5/1 ARM: 6.29%

• 7/1 ARM: 6.48%

• VA for 30 years: 5.50%

• VA for 15 years: 5.13%

• 5/1 VA: 5.14%

Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance mortgage rates are often higher than rates when you buy a home, although that’s not always the case.

Learn more about our 7 home refinance options.

Your mortgage rate plays a big role in what your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate and term will affect your monthly payments:

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use as you shop for homes and lenders.

A mortgage interest rate is a charge for borrowing money from the lender, expressed as a percentage. You can choose between two types of rates: fixed or adjustable.

A fixed rate mortgage locks in your rate for the life of your loan. For example, if you get a 30-year mortgage with an interest rate of 6%, your rate will remain at 6% for the entire 30 years unless you refinance or sell.

An adjustable rate mortgage locks in your rate for a predetermined period of time and then changes it periodically. Let’s say you get a 7/1 ARM with an intro rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once a year for the last 23 years of your term. Whether your rate increases or decreases depends on several factors, such as the economy and the housing market.

At the beginning of the mortgage term, most of the monthly payment goes towards interest. Your monthly mortgage principal and interest payment remains the same over the years—however, less and less of your payment goes toward interest, and more goes toward the mortgage principal, or the amount you originally borrowed.

A 30-year fixed rate mortgage is a good choice if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rate will be higher than if you choose a shorter term, and you’ll pay a lot more in interest over the years.

You might want a 15-year fixed rate mortgage if you want to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you’re cutting your repayment time in half, you’ll save a lot in interest in the long run. But you’ll need to make sure you can comfortably afford the higher monthly payments that come with 15-year terms.

Typically, an adjustable rate mortgage might be good if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, then your rate will change after a predetermined period of time. However, 5/1 and 7/1 ARM rates have been similar to (or even higher than) 30-year fixed rates recently. Before getting an ARM just for a lower rate, compare rate options from term to term and from lender to lender.

Mortgage rates have generally fallen since the end of May, and home loan rates are half a point lower than a year ago.

Mortgage interest rates will continue to decline slightly for the remainder of the year. November forecasts from Fannie Mae and the Mortgage Bankers Association (MBA) predict the 30-year rate will remain at or above 6% for most of 2026, although Fannie Mae expects it to drop to 5.9% in Q4 2026.

According to Freddie Mac, the national average 30-year rate fell four basis points to 6.19% for the week, while the average 15-year rate fell seven basis points to 5.44%.

According to its November forecast, the MBA expects the 30-year mortgage rate to be near 6.4% through 2026. Fannie Mae also predicts a 30-year rate above 6% through next year, but will drop to 5.9% in Q4 2026.

Mortgage rates are likely to remain little changed in 2027. MBA forecasts 30-year fixed rates at 6.3% for most of 2027, before rising to an average of 6.4% in Q4 ’27. Fannie Mae predicts average rates of nearly 5.9% for the full year 2027.