Mortgage rates are up today. According to Zillow, the average 30-year fixed mortgage rate rose 13 basis points to 6.10%and the 15-year fixed rate rose 14 basis points to 5.55%.
These increases can likely be attributed to the latest Personal Consumption Expenditure (PCE) data, which was released yesterday. The PCE index showed that inflation moved largely as expected. While this isn’t necessarily bad news, it does give reason to believe that the Federal Reserve won’t be more assertive about its rate cuts in early 2026. Mortgage rates will likely remain relatively flat for at least several months, so if you’re ready to buy a home, now might be as good a time as six months from now.
Here are the current mortgage rates, according to the latest Zillow data:
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30 years fixed: 6.10%
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20 years fixed: 5.97%
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15 years fixed: 5.55%
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5/1 ARM: 6.45%
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7/1 ARM: 6.38%
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VA for 30 years: 5.56%
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VA for 15 years: 5.22%
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5/1 VA: 5.40%
Remember, these are national averages and rounded to the nearest hundredth.
Discover 8 strategies to get the lowest mortgage rates.
These are the current mortgage refinance rates, according to the latest Zillow data:
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30 years fixed: 6.15%
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20 years fixed: 6.09%
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15 years fixed: 5.63%
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5/1 ARM: 6.43%
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7/1 ARM: 6.69%
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VA for 30 years: 5.62%
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VA for 15 years: 5.47%
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5/1 VA: 5.37%
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.
Want to refinance your mortgage before the end of 2025? Here’s what needs to be done.
Use the mortgage calculator below to see how current interest rates would affect your monthly mortgage payments.
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You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use as you shop for homes and lenders. You also have the option to enter costs for private mortgage insurance (PMI) and homeowner’s association dues, if applicable. These details result in a more accurate monthly payment estimate than if you simply calculated the mortgage principal and interest.
There are two main advantages to a 30-year fixed mortgage: your payments are lower and your monthly payments are predictable.
A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayment over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your rate won’t change from year to year. Most years, the only things that could affect your monthly payment are any changes to your homeowners insurance or property taxes.
The main downside to 30-year fixed rate mortgages is the mortgage interest, 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 intro rate of a 30-year ARM. The higher the rate, the higher the monthly payment. You’ll also pay a lot more in interest over the life of your loan because of both the higher rate and the longer term.
The pros and cons of 15-year fixed mortgage rates are basically swapped with those of 30-year rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention you’ll pay off your mortgage 15 years sooner. That way, you’ll save hundreds of thousands of dollars in interest over the course of the loan.
However, because you pay the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.
Adjustable rate mortgages lock in your rate for a predetermined 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 increases or decreases once a year for the remaining 25 years.
The main 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. (However, current average rates don’t necessarily reflect this—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 your mortgage rates will be like once the introductory rate period ends, so you run the risk of raising your rate later. This could end up costing more in the end, and your monthly payments are unpredictable from year to year.
But if you plan to move before the rate introduction period ends, you can enjoy the benefits of a low rate without risking a rate increase down the road.
First, now is a relatively good time to buy a home compared to a few years ago. Home prices are not rising as they were during the peak of the COVID-19 pandemic. So if you want or need to buy a home soon, you should feel pretty good about the current housing market.
Although mortgage rates are rising today, rates have generally been falling. The average 30-year rate on a conventional loan has fallen by more than half a point since the start of 2025.
The best time to buy is usually whenever it makes sense for your stage in 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.
According to Zillow, the national average 30-year mortgage rate is 6.10% right now. But keep in mind that mortgage rates vary by state and even zip code. For example, if you’re buying in a city with a high cost of living, rates could be higher.
Economists do not expect mortgage interest rates to drop significantly before the end of the year. They might tip here or there, but they probably won’t fall.
In general, mortgage rates have gradually declined. The 30-year fixed rate has fallen more than half a point since January.
In many ways, securing a low rate mortgage refinance is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing for a shorter term will also get you a lower rate, although your monthly mortgage payments will be higher.