Today, mortgage rates have slightly decreased. Zillow data shows that the 30-year fixed interest rate has dropped by three basis points to 6.59%, and the 15-year fixed rate has gone down by four basis points to 5.91%.

Predictions suggest that home loan rates are unlikely to see a significant drop over the coming months. Fannie Mae's forecast for Q2 2025 indicates a 30-year fixed rate of 6.5%, while the Mortgage Bankers Association anticipates it at 6.8%. Both organizations expect rates to gradually decrease throughout the year. If you are waiting for lower rates before purchasing a home, the reductions may not be substantial enough to warrant delaying. If you are financially prepared, the current moment may be just as good as any to make a move.

For more insights: Consider whether to lock in a mortgage rate. Any inquiries regarding buying, owning, or selling a property can be directed to Yahoo's team of Realtors using this Google form.

Present mortgage rates, as per the latest Zillow data are as follows:

- 30-year fixed: 6.59% - 20-year fixed: 6.41% - 15-year fixed: 5.91% - 5/1 ARM: 6.82% - 7/1 ARM: 7.13% - 30-year VA: 6.09% - 15-year VA: 5.67% - 5/1 VA: 6.22%

These rates are national averages rounded to the nearest hundredth.

For current mortgage refinance rates, based on the updated Zillow data for today:

- 30-year fixed: 6.55% - 20-year fixed: 6.27% - 15-year fixed: 5.84% - 5/1 ARM: 6.54% - 7/1 ARM: 6.56% - 30-year VA: 6.20% - 15-year VA: 5.86% - 5/1 VA: 6.26% - 30-year FHA: 6.18% - 15-year FHA: 6.04%

Similarly, these figures represent national averages rounded to the nearest hundredth. Refinance rates are typically higher than new purchase rates, though this is not a constant rule.

Explore more: Is it a favorable time to refinance your mortgage?

Calculating refinance interest rates and monthly mortgage payments can be done using the Yahoo Finance mortgage calculator, which considers various mortgage terms and rates along with elements like property taxes and insurance to provide a realistic estimate of your monthly payments.

When comparing a 30-year fixed mortgage rate, currently at 6.59%, against a 15-year fixed rate at 5.91%, you can assess the advantages of each term length based on your short-term and long-term goals.

Fixed-rate mortgages lock in your rate for the life of the loan, while adjustable-rate mortgages offer a set rate for a period followed by potential fluctuations. Factors like down payment, credit score, and debt-to-income ratio influence mortgage rates. Rather than waiting for rates to decline, improving your financial situation could be a more effective approach to securing a favorable rate.