Today, mortgage rates have risen slightly. Zillow data shows that the average 30-year fixed interest rate has gone up by four basis points to 6.51%, while the 15-year fixed rate has increased by three basis points to 5.89%.
Economists do not anticipate significant declines in home loan rates this year. As per the Mortgage Bankers Association's forecast in March, they project that the 30-year rate will reach 6.5% by the end of 2025. If you are considering purchasing a house, waiting for lower rates might not be worthwhile. If you are financially ready, now may be just as good a time to buy a house as later in the year.
For queries about buying, owning, or selling a home, you can submit your questions to Yahoo's team of Realtors using a Google form.
The current mortgage rates based on the latest Zillow data are as follows:
- 30-year fixed: 6.51% - 20-year fixed: 6.25% - 15-year fixed: 5.89% - 5/1 ARM: 6.79% - 7/1 ARM: 6.92% - 30-year VA: 6.09% - 15-year VA: 5.57% - 5/1 VA: 6.07%
These rates are national averages rounded to the nearest hundredth.
Today's mortgage refinance rates, as per the latest Zillow data, are:
- 30-year fixed: 6.53% - 20-year fixed: 6.11% - 15-year fixed: 5.88% - 5/1 ARM: 7.01% - 7/1 ARM: 7.40% - 30-year VA: 6.08% - 15-year VA: 5.90% - 5/1 VA: 6.13% - 30-year FHA: 6.01% - 15-year FHA: 5.72%
These rates are national averages rounded to the nearest hundredth.
To calculate how different interest rates and term lengths might affect your monthly mortgage payment, you can use Yahoo Finance's mortgage calculator. It factors in homeowners insurance, property taxes, private mortgage insurance (PMI), and homeowners' association dues for a more precise monthly payment estimate.
A 30-year fixed mortgage offers lower and predictable monthly payments but comes with higher interest rates over the long term. On the other hand, a 15-year fixed mortgage entails higher monthly payments but lower interest rates, leading to significant interest savings over the loan term.
Adjustable-rate mortgages (ARMs) provide lower initial rates but can lead to unpredictable payment changes once the introductory period ends. Deciding between fixed and adjustable rates depends on your financial goals and plans for homeownership.
Currently, it is deemed a favorable time to buy a house compared to previous years, and mortgage rates are not expected to decrease significantly in the near future. Ultimately, the best time to purchase a home is when it aligns with your personal circumstances rather than trying to time the market.