Friday’s jobs report, showing 92,000 job losses and a higher unemployment rate, may reverse the recent upward pressure on mortgage rates. The 10-year Treasury yield has been rising for a week, but unemployment news reversed that trend this morning.
On Thursday, Freddie Mac reported that the average 30-year fixed rate rose two basis points 6.00%. Zillow Lenders Market is still reporting sub-6% rates, but just barely.
Here are the current mortgage rates, according to the latest data from Zillow:
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30 years proven: 5.94%
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20 years proven: 5.87%
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15 year proven: 5.47%
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5/1 ARM: 5.78%
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7/1 ARM: 5.68%
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30 year VA: 5.53%
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15-year VA: 5.38%
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5/1 VA: 5.20%
Remember, these are national averages and are rounded to the nearest hundred.
These are today’s mortgage refinancing rates, according to the latest data from Zillow:
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30 years proven: 6.02%
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20 years proven: 5.94%
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15 year proven: 5.56%
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5/1 ARM: 6.00%
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7/1 ARM: 6.12%
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30 year VA: 5.65%
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15-year VA: 5.41%
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5/1 VA: 4.89%
Again, the numbers given are national averages rounded to the nearest hundred. Mortgage refinancing rates are often higher than the rates when you buy the home, although this is not always the case.
Dig deeper into 7 home refinancing options.
Your mortgage rate plays a big role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage size, rate, and term length will affect your monthly payments:
You can bookmark the Yahoo Tax Mortgage Payment Calculator and keep it handy for future use, as you shop for homes and mortgages.
The mortgage interest rate is the fee for borrowing money from your lender, expressed as a percentage. You can choose from 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-year term unless you refinance or sell.
An adjustable rate mortgage locks in your rate for a set period of time and then adjusts it periodically. Let’s say you get a 7/1 ARM with an initial rate of 6%. Your rate will be 6% for the first seven years, then increase or decrease once a year for the last 23 years of your term. Whether your rate goes up or down depends on many factors, such as the economy and the housing market.
At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage principal and interest remains the same throughout the years—however, less and less of your payment goes toward interest, and more toward mortgage principal, or the amount you originally borrowed.
A 30-year fixed rate mortgage is a good option if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rates will be higher than if you choose a shorter term, and you’ll pay significantly more over the years.
You may want to consider a 15-year fixed-rate mortgage if you’re aiming to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you cut the repayment time in half, you’ll save more 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.
Generally, an adjustable rate mortgage may be suitable if you plan to sell before the end of the initial rate period. Adjustable rates usually start lower than fixed rates, so your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have recently been similar (or even higher) to 30-year fixed rates. Before getting an ARM for the lowest rate, compare your rate options from term to term and lender to lender.
Mortgage rates have generally fallen since the end of last May, and home loan rates are at three-year lows, according to Freddie Mac. Economists do not expect mortgage rates to drop significantly by the end of 2026. However, the slow and steady declines we’ve seen serve loan buyers well.
According to Freddie Mac, the national average 30-year mortgage rate rose two basis points for the week to 6.00%, while the average 15-year mortgage rate fell by one basis point to 5.43%.
According to February forecasts, MBA expects the 30-year mortgage rate to be around 6.10% by 2026. Fannie Mae is forecasting a 30-year rate of roughly 6% at the end of the year.
Mortgage rates are likely to change little in 2027. MBA forecasts a 30-year fixed rate of 6.20% to 6.30% for most of 2027. Fannie Mae is forecasting an average rate of close to 6.0% for the full year of 2027.
