Mortgage rates rose as the bond market digested developments in the Middle East. High oil prices fueled inflation fears and drove bond yields higher. According to Zillow Lender Market, the current 30-year fixed rate is 5.98%up 17 basis points from last weekend. The 15-year fixed rate is up 18 basis points 5.50%.
Here are the current mortgage rates, according to the latest data from Zillow:
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30 years proven: 5.98%
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20 years proven: 5.90%
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15 year proven: 5.50%
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5/1 ARM: 5.96%
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7/1 ARM: 5.70%
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30 year VA: 5.52%
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15-year VA: 5.24%
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5/1 VA: 5.30%
Remember, these are national averages and rounded to the nearest hundred.
Discover 8 strategies for getting lower mortgage rates.
These are today’s mortgage refinancing rates, according to the latest data from Zillow:
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30 years proven: 6.07%
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20 years proven: 6.12%
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15 year proven: 5.62%
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5/1 ARM: 6.06%
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7/1 ARM: 5.94%
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30 year VA: 5.66%
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15-year VA: 5.34%
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5/1 VA: 4.82%
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.
Use the mortgage calculator below to see how today’s interest rates will affect your monthly mortgage payments.
You can bookmark the Yahoo Tax Mortgage Payment Calculator and keep it handy for future use, as you shop for homes and mortgages. You also have the option to enter the costs of private mortgage insurance (PMI) and homeowners association dues, if applicable. These details result in an accurate monthly payment estimate if you simply calculate your mortgage principal and interest.
There are two major advantages to a 30-year fixed mortgage: your payments are lower, and your monthly payments are more predictable.
A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayments over a longer period than a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your rate doesn’t change from year to year. Most years, the only things that might affect your monthly payment are any changes in your homeowners insurance or property taxes.
The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both in the short and long term.
A 30-year fixed term comes with a higher rate than a shorter fixed term, and it’s higher than the introductory rate for a 30-year ARM. The higher your rate, the higher your monthly payment. You will also pay more interest over the life of your loan due to both the higher rate and longer term.
The pros and cons of a 15-year fixed mortgage rate are basically reversed with 30-year rates. Yes, your monthly payments will still be predictable, but another benefit is that shorter terms come with lower interest rates. Not to mention, you’ll pay off your mortgage 15 years sooner. So you’ll potentially save hundreds of thousands of dollars in interest over the course of your loan.
However, because you are paying the same amount in half the time, your monthly payments will be higher than over 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 goes up or down once a year for the remaining 25 years.
The main advantage is that the initial rate is usually lower than what you would get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don’t necessarily reflect this, though—in some cases, fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.)
With an ARM, you don’t know what mortgage rates will be when the internal rate period ends, so you’re at risk after your rate goes up. It can cost more in the end, and your monthly payments are unpredictable from year to year.
But if you plan to move before the in-rate period ends, you can reap the benefits of lower rates without risking rate hikes down the road.
First of all, now is a better time to buy a home than it was a few years ago. Home prices are not as high as they were during the height of the COVID-19 pandemic. So, if you want to buy a home or soon, you should feel very good about the current housing market.
Mortgage rates have also fallen since this time last year.
The best time to buy is usually when it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market – buy when it’s the right time for you.
According to Zillow, the national average 30-year mortgage rate is currently 5.98%. Why are Zillow’s rates typically lower than those reported by Freddie Mac (which reported 6.00% this week) and elsewhere? Each source collects prices by different methods. Zillow gets rates from its lender marketplace, and Freddie Mac pulls data from loan applications submitted to its underwriting system. However, mortgage rates vary by state and even by 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?
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.
Overall, mortgage rates have been falling steadily since the end of May last year. The 30-year fixed rate rose to more than 7% in January 2025, then went up and down for months. On May 29, 2025, the 30-year rate was 6.89%, and began to slowly decline.
In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Short-term refinancing will give you a lower rate, although your monthly mortgage payments will be higher.
