A long period of stability

Mortgage rates have experienced a long period of stability. According to Zillow, the average 30-year fixed rate is 6.01%down three basis points. Meanwhile, the 15-year fixed rate home loan increased by four basis points to 5.45%. These small movements in both directions have been the norm for many weeks.

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

• Fixed over 30 years: 6.01%

• Fixed over 20 years: 5.97%

• Fixed over 15 years: 5.45%

• ARM 5/1: 6.08%

• ARM 7/1: 6.04%

• VA over 30 years: 5.60%

• VA over 15 years: 5.09%

• 5/1 VA: 5.25%

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

Find out how mortgage rates are determined.

Here are today’s mortgage refinance rates, according to the latest data from Zillow:

• Fixed over 30 years: 6.09%

• Fixed over 20 years: 5.82%

• Fixed over 15 years: 5.54%

• ARM 5/1: 6.15%

• ARM 7/1: 6.16%

• VA over 30 years: 5.62%

• VA over 15 years: 5.31%

• 5/1 VA: 5.55%

Again, the figures provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than home purchase rates, although this is not always the case.

Use the mortgage calculator below to see how different interest rates and loan amounts will affect your monthly payments. This also shows how term length plays a role in things.

You can add Yahoo Finance to your favorites mortgage payment calculator and keep it handy for future use when shopping for homes and lenders. You even have the option to enter the costs of private mortgage insurance (PMI) and homeowners association dues if those apply to you. These details provide a more accurate monthly payment estimate than if you simply calculated the principal and interest on your mortgage.

A 30-year fixed mortgage has two main advantages: your payments are lower and your monthly payments are predictable.

A 30-year fixed-rate mortgage has relatively low monthly payments because you spread your repayment over a longer period of time than, for example, a 15-year mortgage. Your payments are predictable because, unlike an adjustable rate mortgage (ARM), your rate will not change from year to year. Most years, the only things that could affect your monthly payment are changes to your home insurance Or property taxes.

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

A 30-year fixed term loan comes with a higher rate than a shorter fixed term loan. You’ll also pay a lot more interest over the life of your loan because of the higher rate and longer term.

The pros and cons of 15-year fixed mortgage rates are essentially traded off 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 early. This will potentially save you hundreds of thousands of dollars in interest over the course of your loan.

However, since you repay the same amount in half the time, your monthly payments will be higher than if you choose a term of 30 years.

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, then increases or decreases once a year for the remaining 25 years.

The main advantage is that the introductory rate is generally lower than what you would get with a 30-year fixed rate, so your monthly payments will be lower. (However, current average rates don’t reflect this: Fixed rates are actually lower, according to Zillow data. Talk to your lender before deciding between a fixed or variable rate.)

With an ARM, you have no idea what mortgage rates will be after the introductory rate period ends, so you risk your rate going up 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 introductory rate period ends, you could enjoy the benefits of a low rate without the risk of rates rising later.

The national average 30-year mortgage rate is currently 6.01%, according to Zillow. But keep in mind that averages may vary depending on where you live. For example, if you buy in a city with a high cost of living, rates might be higher.

Economists don’t expect a drastic drop in mortgage rates before the end of 2026. Even with the latest rate cut federal funds rate in December, mortgage rates continue to fluctuate within a certain range – they have barely moved since mid-October.

Recently, mortgage rates have been stuck in a rut – but there has been a general downward trend over the past couple of months. According to Freddie Mac data, 30-year mortgage rates remain about half a point lower than they were a year ago.

In many ways, getting a low mortgage refinance rate is similar to buying your home. Try to improve your credit score and reduce your debt-to-income ratio (DTI). A shorter-term refinance will also get you a lower rate, even though your monthly mortgage payments will be higher.