Mortgage rates are little changed. According to Zillow, the average 30-year fixed rate is steady at 6.11%. The 15-year fixed rate rose four basis points to 5.52%.
In its annual housing forecast released this morning, Realtor.com expects the average 30-year mortgage rate to hold close to 6.3% in 2026, down slightly from the 6.6% average in 2025.
Here are the current mortgage rates, according to the latest Zillow data:
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30 years fixed: 6.11%
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20 years fixed: 5.97%
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15 years fixed: 5.52%
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5/1 ARM: 6.25%
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7/1 ARM: 6.33%
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VA for 30 years: 5.56%
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VA for 15 years: 5.14%
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5/1 VA: 5.20%
Remember, these are national averages and rounded to the nearest hundredth.
Learn about how mortgage rates are determined.
These are the current mortgage refinance rates, according to the latest Zillow data:
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30 years fixed: 6.18%
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20 years fixed: 6.17%
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15 years fixed: 5.65%
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5/1 ARM: 6.33%
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7/1 ARM: 6.60%
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VA for 30 years: 5.61%
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VA for 15 years: 5.29%
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5/1 VA: 5.21%
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 different interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things.
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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 even have the option to enter costs for private mortgage insurance (PMI) and homeowner’s association dues, if they apply to you. 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 loan comes with a higher rate than a shorter fixed term loan. 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 essentially swapped for 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 reflect this—fixed rates are actually lower, according to Zillow data. 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 once the introductory rate period is over, so you run the risk of your rate going up 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.
The national average 30-year mortgage rate is 6.11% right now, according to Zillow. But keep in mind that averages may vary depending on where you live. For example, if you’re buying in a city with a high cost of living, rates could be even higher.
Mortgage rates are likely to remain in a tight range for the next several months. The Federal Reserve said another rate cut in December is not a certainty; however, even if it does, mortgage rates are likely to resist falling sharply.
Mortgage rates have fluctuated, but there has been an overall lower move over the past couple of months. According to Freddie Mac data, they are below where they were a year ago.
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.