Mortgage Rates Update: Fixed Rates Down, Adjustable Rates Up

Are you in the market for a new home or looking to refinance your current mortgage? If so, you’ll be happy to hear that most fixed mortgage rates are down today. According to Zillow, the average 30-year fixed rate has decreased by five basis points to 6.47%, and the 20-year fixed rate is down three basis points to 6.12%. However, the 15-year fixed rate remains unchanged at 5.75%.

On the flip side, adjustable rates have increased slightly. Both 5/1 and 7/1 ARM rates are a bit higher than yesterday. While adjustable rates typically start lower than fixed rates, that hasn’t been the case recently. As you begin your house-hunting journey and explore mortgage lenders, it’s a good idea to ask for options for both fixed and adjustable rates.

If you’re curious about when mortgage rates might go down further, you can check out this article on Yahoo Finance for insights into 2024 and 2025 trends.

Here are the current mortgage rates according to Zillow:

– 30-year fixed: 6.47%
– 20-year fixed: 6.12%
– 15-year fixed: 5.75%
– 5/1 ARM: 6.42%
– 7/1 ARM: 6.51%
– 30-year FHA: 5.50%
– 15-year FHA: 5.18%
– 5/1 FHA: 5.57%
– 30-year VA: 5.66%
– 15-year VA: 5.11%
– 5/1 VA: 5.94%

Remember, these rates are national averages and rounded to the nearest hundredth.

If you’re considering refinancing, here are today’s mortgage refinance rates:

– 30-year fixed: 7.15%
– 20-year fixed: 6.19%
– 15-year fixed: 6.21%
– 5/1 ARM: 6.34%
– 7/1 ARM: 6.39%
– 30-year FHA: 5.30%
– 15-year FHA: 5.17%
– 30-year VA: 5.81%
– 15-year VA: 5.13%
– 5/1 VA: 5.68%

Mortgage refinance rates are often higher than rates for purchasing a home, but this isn’t always the case.

If you want to see how different interest rates and term lengths will impact your monthly mortgage payment, you can use Yahoo Finance’s free mortgage calculator. It takes into account factors like homeowners insurance, property taxes, and even private mortgage insurance and homeowners’ association dues if applicable.

When it comes to choosing between a 30-year fixed, 15-year fixed, or adjustable-rate mortgage, each option has its pros and cons. A 30-year fixed mortgage offers lower and predictable monthly payments, while a 15-year fixed mortgage comes with lower interest rates and the ability to pay off your loan sooner. Adjustable-rate mortgages may start with lower rates, but they can change over time, leading to unpredictable payments.

Is now a good time to buy a house? While rates are relatively high compared to previous years, they are still historically low. Additionally, house prices are growing less rapidly, and new-home construction is increasing. If the timing is right for you and your budget can accommodate the higher rates, it could still be a good time to buy.

Overall, mortgage rates are trending down, and experts predict further decreases in the coming years. By understanding the current rates and weighing the pros and cons of different mortgage options, you can make an informed decision that suits your financial goals.