Mortgage rates are simmering just under 6%. The average 30-year fixed rate, according to data compiled from Zillow’s lender marketplace, is now 5.91%. The 15-year fixed rate is currently 5.44%. If you have good credit, you can beat these numbers.

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.

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.

You can use Yahoo Finance’s free mortgage calculator below to play around with how different terms and rates will affect your monthly payment. Our calculator takes into account factors like property taxes and homeowner’s insurance when estimating your monthly mortgage payment. This gives you a better idea of ​​your total monthly payment than if you were just looking at the mortgage principal and interest.

You can bookmark Yahoo Finance Mortgage payment calculator and keep it handy for future use as you shop for homes and lenders.

30-year mortgage rates today

Today’s average 30-year mortgage rate is 5.91%. A 30-year term is the most popular type of mortgage because by spreading your payments over 360 months, your monthly payment is relatively low.

If you had one $300,000 mortgage with a 30-year term and a rate of 5.91%, your monthly principal and interest payment would be approximately $1,781, and would pay $341,279 interest during the life of the loan.

The average 15-year mortgage rate is 5.44% today. Several factors must be considered when deciding between a 15 and 30 year mortgage.

A 15-year mortgage has a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years earlier, and that’s 15 less years for the interest to compound.

However, your monthly payments will be higher because you are cutting the same debt payment in half.

If you took out the same $300,000 mortgage with a 15-year term and a rate of 5.44%, your monthly payment would increase to $2,442. But I would just pay $139,508 interest during the life of the loan. This is a considerable saving.

with a adjustable rate mortgageyour rate is locked in for a set period of time and then increases or decreases periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then changes every year.

Adjustable rates usually start lower than fixed rates, but you run the risk of your rate going up after the introductory rate lock period ends. But an ARM might be a good fit if you plan to sell the home before the rate lock period ends; that way, you pay a lower rate without worrying about it going up later.

Recently, ARM rates have occasionally been similar to or higher than fixed rates. Before committing to a fixed or adjustable rate mortgage, be sure to research the best lenders and rates. Some will offer more competitive adjustable rates than others.

Mortgage lenders usually give the lowest mortgage rates to people with higher down payments, excellent credit scores and low debt-to-income ratios. So if you want a lower rate, try saving more, improving your credit scoreor pay off any debt before starting to buy homes.

You can also lower your interest rate permanently by paying down discount points at closing A temporary interest rate purchase is also an option; for example, you might get a 6.25% rate on a 2-1 buy. Your rate would start at 4.25% in the first year, increase to 5.25% in the second year, and then settle at 6.25% for the rest of your term.

Just think about whether these rewards are worth the extra money at closing. Ask yourself if you will be staying home long enough for the amount you save with a lower rate to offset the cost of buying your rate before you make your decision.

Here are the interest rates for some of the most popular mortgage terms: According to Zillow data, the national average 30-year fixed rate is 5.91%, the 15-year fixed rate is 5.44% and the 5/1 ARM rate is 5.93%.

The normal mortgage rate for a 30-year fixed loan is 5.91%. However, keep in mind that this is the national average based on Zillow data. Zillow’s rates are usually 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. The average can be higher or lower depending on where you live in the US And of course your credit score.

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.