Mortgage rates are slightly higher this weekend. According to the Zillow lender marketplace, the current 30-year fixed rate is 5.86%with five basis points. The 15-year fixed rate is up six basis points to 5.41%. Why does Zillow report lower mortgage rates than reported elsewhere? We cover that at the bottom of this page.
Here are the current mortgage rates, according to the latest Zillow data:
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30 years fixed: 5.86%
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20 years fixed: 5.82%
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15 years fixed: 5.41%
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5/1 ARM: 5.97%
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7/1 ARM: 6.10%
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VA for 30 years: 5.50%
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VA for 15 years: 5.06%
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5/1 VA: 5.24%
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: 5.99%
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20 years fixed: 5.94%
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15 years fixed: 5.48%
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5/1 ARM: 6.20%
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7/1 ARM: 6.24%
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VA for 30 years: 5.53%
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VA for 15 years: 5.09%
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5/1 VA: 4.89%
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.
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 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.
Also, mortgage rates have fallen since this time last year.
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 5.86% right now. Why are Zillow’s rates typically lower than those reported by Freddie Mac (which reported 6.01% this week) and elsewhere? Each source compiles rates using different methods. Zillow gets rates from the lending market, and Freddie Mac pulls information from loan applications submitted to its underwriting system. 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 with multiple mortgage lenders.
Are interest rates expected to fall?
Not much. According to its January forecast, the MBA expects the 30-year mortgage rate to be near 6.1% through 2026. Fannie Mae also predicts a 30-year rate near 6% by the end of the year.
In general, mortgage rates have gradually declined since the end of May last year. The 30-year fixed rate topped 7% in January 2025, then drifted lower and lower for months. As of May 29, 2025, the 30-year rate was 6.89% and has begun to slowly decline.
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.