Current data from Zillow indicates a rise in today's mortgage rates. The average 30-year fixed rate has increased by seven basis points to 6.58%, while the 15-year fixed rate has gone up by eight basis points to 5.97%.

As spring begins, it marks the start of the "home-buying season" characterized by more homes entering the market and increased competition. Buying during spring offers advantages like having more housing options and potentially moving in before summer break for families with school-aged children. Mortgage rates are likely to stay elevated for the next few months, so if you are prepared to purchase a home, it might be prudent to proceed despite the high rates as improvement may not be seen until the end of the home-buying season.

The provided mortgage rates, sourced from Zillow, represent national averages rounded to the nearest hundredth:

- 30-year fixed: 6.58% - 20-year fixed: 6.36% - 15-year fixed: 5.97% - 5/1 ARM: 6.72% - 7/1 ARM: 6.76% - 30-year VA: 6.10% - 15-year VA: 5.63% - 5/1 VA: 5.13%

Refinance rates are typically higher than purchase rates. The numbers outlined are averages, and individual rates may vary based on specific circumstances. With ongoing increases in mortgage rates, any significant drops are not anticipated in the near future, possibly remaining steady till 2025.