The 30-year fixed mortgage rate remains below 6%. The current 30-year rate is 5.91%according to data compiled from Zillow’s Lender Marketplace. The fixed rate of 15% per annum is 5.44%. Zillow often reports lower mortgage rates than Freddie Mac due to different survey methodologies. More information near the bottom of this page.

Here are the current mortgage rates, according to the latest data from Zillow:

• Fixed at 30 years: 5.91%

• Fixed at 20 years: 5.86%

• Fixed at 15 years: 5.44%

• 5/1 ARM: 5.93%

• 7/1 ARM: 6.04%

• VA of 30 years: 5.50%

• 15-year VA: 5.13%

• 5/1 GO: 5.16%

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

Discover 8 strategies to get the lowest mortgage rates.

Here are the current mortgage refinance rates, according to the latest data from Zillow:

• Fixed at 30 years: 6.09%

• Fixed at 20 years: 5.95%

• Fixed at 15 years: 5.57%

• 5/1 ARM: 6.16%

• 7/1 ARM: 5.86%

• VA of 30 years: 5.54%

• 15-year VA: 5.29%

• 5/1 GO: 5.34%

Again, the figures provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are usually higher than rates when you buy a home, although this is not always the case.

Use the mortgage calculator below to see how current interest rates would affect your monthly mortgage payments.

You can bookmark Yahoo Finance Mortgage payment calculator and keep it handy for future use as you shop for homes and lenders. You also have the option to enter costs for Private Mortgage Insurance (PMI) and homeowner association fees, if applicable. These details result in a more accurate monthly payment estimate than if you just calculated the mortgage principal and interest.

There are two main benefits of a 30-year fixed mortgage: your payments are lower and your monthly payments are predictable.

A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayment over a longer period of time than, say, a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your rate won’t change from year to year. Most years, the only things that can affect your monthly payment are changes home owners insurance or property taxes.

The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both short and long term.

A 30-year fixed term carries a higher rate than a shorter fixed term and is higher than the intro rate on a 30-year ARM. The higher the rate, the higher the monthly payment. You’ll also pay much more in interest over the life of your loan due to both the higher rate and longer term.

The pros and cons of 15-year fixed mortgage rates are basically interchangeable with those of 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 earlier. This will save you potentially hundreds of thousands of dollars in interest over the course of your loan.

However, because you pay the same amount in half the time, your monthly payments will be higher than if you chose 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’ll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don’t necessarily reflect this, but in some cases, fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.)

With an ARM, you have no idea what mortgage rates will be like after the introductory rate period ends, so you run the risk of raising your rate later. This could end up costing more, and your monthly payments are unpredictable from year to year.

But if you plan to move before the rate introduction period ends, you could reap the benefits of a low rate without risking a rate rise in the future.

First of all, now is a good time to buy a house compared to a couple of years ago. Home prices are not rising as they were during the height of the COVID-19 pandemic. So, if you want or need to buy a home soon, you should feel pretty good about the current housing market.

Mortgage rates have also fallen since this time last year.

The best time to buy is usually whenever 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 the time is right for you.

According to Zillow, the national average 30-year mortgage rate is 5.91% right now. Why are Zillow’s rates often lower than those reported by Freddie Mac and other sites? Each source compiles rates using different methods. Zillow gets rates from its lender marketplace, and Freddie Mac gets information from loan applications submitted to its underwriting system. However, mortgage rates vary by state and even zip code, by lender, loan type and many other factors. That’s why it’s so important to shop around for multiple mortgage lenders.

Are interest rates expected to fall?

not much According to the January forecast, the MBA expects the 30-year mortgage rate to be near 6.1% through 2026. Fannie Mae also expects the 30-year rate to be near 6% through the end of the year.

Overall, mortgage rates have gradually fallen since the end of May last year. The 30-year fixed rate topped 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 it debt to income ratio (DTI). Refinancing to a shorter term will also get you a lower rate, although your monthly mortgage payments will be higher.