The average 30-year fixed mortgage rate remains below 6%. The current 30-year interest rate is 5.91%according to data compiled by Zillow Lender Marketplace. The annual fixed interest rate of 15% is 5.44%. Zillow often reports lower mortgage rates than Freddie Mac due to differences in survey methodology. For more information about this, see near the bottom of this page.
Here are the current mortgage rates, according to the latest Zillow data:
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30 years fixed: 5.91%
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20 years fixed: 5.86%
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15 years fixed: 5.44%
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5/1 Arm: 5.93%
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7/1 Arm: 6.04%
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30 years VA: 5.50%
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15 years VA: 5.13%
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5/1 Virginia: 5.16%
Remember, these are national averages and rounded to the nearest percentile.
Learn 8 strategies for getting the lowest mortgage rates.
According to the latest Zillow data, these are today’s mortgage refinance rates:
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30 years fixed: 6.09%
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20 years fixed: 5.95%
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15 years fixed: 5.57%
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5/1 Arm: 6.16%
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7/1 Arm: 5.86%
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30 years VA: 5.54%
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15 years VA: 5.29%
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5/1 Virginia: 5.34%
Again, the numbers provided are national averages, rounded to the nearest percentile. Mortgage refinance rates are usually higher than the rates you paid when you bought the home, although this isn’t always the case.
Use the mortgage calculator below to see how today’s interest rates will affect your monthly mortgage payment.
You can bookmark the Yahoo Finance Mortgage Payment Calculator and keep it with you for future home purchases and loans. You also have the option to enter the cost of private mortgage insurance (PMI) and homeowners association dues (if applicable). These details can lead to a more accurate estimate of your monthly payment than a simple calculation of 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.
The monthly payments on a 30-year fixed-rate mortgage are relatively lower because you have a longer repayment term compared to a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your interest rate doesn’t change from year to year. In most cases, the only thing that could affect your monthly payment is any changes to your homeowner’s insurance or property taxes.
The main disadvantages of the 30-year fixed mortgage rate are the short-term and long-term mortgage interest rates.
The interest rate on a 30-year fixed term is higher than the interest rate on a shorter fixed term and is higher than the initial interest rate on a 30-year ARM. The higher your rate, the higher your monthly payment will be. Since the interest rate is higher and the term is longer, you will also pay more interest over the life of the loan.
The pros and cons of the 15-year fixed mortgage rate are essentially interchangeable with the pros and cons of the 30-year rate. Yes, your monthly payments are still predictable, but another advantage is the shorter term and lower interest rate. Not to mention, you’ll pay off your mortgage 15 years early. As a result, you could potentially save hundreds of thousands of dollars in interest over the course of your loan.
However, since you pay off the same amount in half the time, your monthly payments will be higher than if you chose the 30-year term.
An adjustable-rate mortgage locks your interest rate in for a predetermined period of time and then changes it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years, then rises or falls each year for the remaining 25 years.
The main advantage is that introductory rates are usually lower than a 30-year fixed rate, so your monthly repayments 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 rate and an adjustable rate.)
With an ARM, you don’t know what your mortgage rate will be after the introductory rate period ends, so you run the risk of your rate rising later. This can end up costing more, and your monthly payments can be unpredictable from year to year.
But if you plan to move before the introductory period ends, you can take advantage of the benefits of low interest rates without risking future interest rate increases.
First, now is a better time to buy a home than it was just a few years ago. Home prices are not soaring as they were during the worst of the COVID-19 pandemic. So if you want or need to buy a home soon, you should feel 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 just as futile as timing the stock market – buy when the moment works for you.
The current national average 30-year mortgage rate is 5.91%, according to Zillow. Why are Zillow’s rates generally lower than those reported at Freddie Mac and elsewhere? Each source compiles rates through a different method. Zillow gets its rates from its lender marketplace, and Freddie Mac gets its 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. This is why shopping through multiple mortgage lenders is so important.
Are interest rates expected to fall?
not much. MBA expects 30-year mortgage rates to be close to 6.1% by 2026, according to its January forecast. Fannie Mae also predicts that 30-year mortgage rates will be close to 6% by the end of the year.
Overall, mortgage rates have gradually declined since the end of May last year. The 30-year fixed rate peaked above 7% in January 2025 and has fluctuated up and down in the months since. On May 29, 2025, the 30-year interest rate was 6.89% and began to slowly decline.
In many ways, securing a lower mortgage refinance rate is similar to when you purchased your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Although your monthly mortgage payments will be higher, a short-term refinance will also get you a lower interest rate.
