Mortgage rates today remain within a narrow range, as they have for weeks. According to Zillow, the average 30-year rate is 6.04%. The 15-year average rate is 5.41%. Yahoo Finance has been tracking 30-year rates moving lower and lingering just above and below 6% with our weekly survey of lenders with the best mortgage rates. One of our top-five-ranked lenders has a loan rate as low as 5.5%.
Here are the current mortgage rates, according to our latest Zillow data:
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30-year fixed: 6.04%
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20-year fixed: 5.91%
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15-year fixed: 5.41%
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5/1 ARM: 6.12%
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7/1 ARM: 6.10%
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30-year VA: 5.54%
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15-year VA: 5.11%
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5/1 VA: 5.24%
Remember that these are the national averages and rounded to the nearest hundredth.
These are the current mortgage refinance rates, according to the latest Zillow data:
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30-year fixed: 6.09%
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20-year fixed: 5.97%
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15-year fixed: 5.53%
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5/1 ARM: 6.17%
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7/1 ARM: 6.40%
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30-year VA: 5.53%
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15-year VA: 5.11%
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5/1 VA: 5.38%
Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates.
A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect your monthly payments. Use this mortgage calculator to explore different outcomes.
You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders. It also considers factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at the mortgage principal and interest.
Generally, 15-year mortgage rates are lower than those for 30-year mortgages. When comparing 15- versus 30-year mortgage rates, know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you’re paying off the same loan amount in half the time.
For example, with a $400,000 mortgage with a 30-year term and a 6.04% rate, you’ll make a monthly payment of about $2,409 toward your mortgage principal and interest. As interest accumulates over decades, you’ll end up paying $467,059 in interest.
If you get a $400,000 15-year mortgage with a 5.41% rate, you’ll pay about $3,249 monthly toward your principal and interest. However, you’ll only pay $184,867 in interest over the years.
If that 15-year mortgage monthly payment is too high, remember you can always make extra mortgage payments on your 30-year loan to pay off your mortgage faster and ultimately pay less interest.
With a fixed-rate mortgage, your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage.
An adjustable-rate mortgage keeps your rate the same for a specified period. Then, the rate will increase or decrease depending on several factors, such as the economy, and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then adjust annually for the remainder of your term.
Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, you risk your interest rate going up. ARM rates have also been starting higher than fixed rates recently, so you may not always get a rate break.
Economists don’t expect drastic mortgage rate drops before the end of 2026. Even with the most recent cut to the federal funds rate in December, mortgage rates continue to hover within a range — barely moving since mid-October.
The Fed is currently signaling a rate cut, possibly two, in 2026, with one more possible in 2027.
According to Zillow data, today’s 30-year fixed rate is 6.04% for home purchases and 6.09% for refinances. These are the national averages, so keep in mind the average in your state or city could be different. Your rate will also vary depending on your personal finances.
According to its December forecast, the MBA expects the 30-year mortgage rate to be near 6.4% through 2026. Fannie Mae also predicts a 30-year rate above 6% through next year, yet dipping down to 5.9% in Q4 2026.
Mortgage rates are likely to remain little changed in 2027. The MBA forecast 30-year fixed rates of 6.3% for most of 2027, before stepping up to an average of 6.4% in Q4 ’27. Fannie Mae predicts average rates near 5.9% for the full year of 2027.
