Today, mortgage rates are rising for long-term loans and falling for short-term loans. The average 30-year fixed rate rose two basis points, according to Zillow 6.00%. 15-year loans fell two basis points 5.48%.
Based on our latest Zillow data, here are the current mortgage rates:
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30 years fixed: 6.00%
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20 years fixed: 5.97%
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15 years fixed: 5.48%
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5/1 Arm: 6.01%
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7/1 Arm: 5.82%
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30 years VA: 5.52%
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15 years VA: 5.28%
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5/1 Virginia: 5.27%
Remember, these are national averages and rounded to the nearest percentile.
Here are the current mortgage refinance rates, according to the latest Zillow data:
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30 years fixed: 6.12%
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20 years fixed: 5.96%
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15 years fixed: 5.57%
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5/1 Arm: 6.06%
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7/1 Arm: 6.02%
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30 years VA: 5.53%
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15 years VA: 5.17%
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5/1 Virginia: 4.97%
Again, the numbers provided are national averages, rounded to the nearest percentile. Refinance rates are typically higher than purchase rates.
A mortgage calculator can help you understand how different mortgage terms and interest rates will affect your monthly payment. Use this mortgage calculator to explore different outcomes.
You can bookmark the Yahoo Finance Mortgage Payment Calculator and keep it in a convenient place for future use when shopping for a home and with a lender. It also takes factors like property taxes and homeowners insurance into account when calculating your estimated monthly mortgage payment. This can give you a better idea of your total monthly payment than just looking at your mortgage principal and interest.
Generally speaking, 15-year mortgage rates are lower than 30-year mortgage rates. When comparing 15-year mortgage rates versus 30-year mortgage rates, keep in mind that the shorter term will save you money in interest in the long run. However, your monthly payments will be higher because you’ll pay off the same loan amount in half the time.
For example, for a $400,000 mortgage with a 30-year term and an interest rate of 6.00%, your monthly payment would be approximately $2,398 Your mortgage principal and interest. As interest accumulates over decades, you will eventually pay $463,353 interested.
If you get a $400,000 15-year mortgage with an interest rate of 5.48%, you will pay approximately $3,264 Make your principal and interest payments each month. However, you only need to pay $187,536 interest over the years.
If your monthly payments on a 15-year mortgage are too high, remember that you can always make extra mortgage payments on a 30-year loan to pay off your mortgage faster and ultimately pay less interest.
With a fixed-rate mortgage, your interest rate is locked in from day one. However, if you refinance your mortgage, you will get a new interest rate.
An adjustable-rate mortgage keeps your interest rate the same for a specified period of time. Rates will then increase or decrease based on a variety of factors, such as the state of the economy and the maximum amount your rates can change under your contract. For example, with a 7/1 ARM, your rate is locked in for the first seven years and then adjusts annually for the remaining term.
Adjustable rates are sometimes lower than fixed rates, but you run the risk of interest rates rising once the initial rate lock period is over. Lately, ARM rates have also started to go higher than fixed rates, so you may not always get a rate deal.
According to Zillow data, today’s 30-year fixed-rate home purchase rate is 6.00% and the refinance rate is 6.12%. These are national averages, so keep in mind that your state or city’s averages may vary. Your rates will also vary based on your personal financial situation.
According to its February forecast, MBA expects 30-year mortgage rates to be close to 6.10% by the end of 2026. Fannie Mae also predicts that 30-year mortgage rates will be close to 6% by the end of the year.
Mortgage rates likely to remain unchanged in 2027. MBA forecasts 30-year fixed rates at 6.20% to 6.30% for most of 2027. Fannie Mae forecasts that the average interest rate for 2027 will be close to 6.0%.