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Mortgage interest rates fluctuate slightly today. According to Zillow, the average interest rate on 30-year fixed-rate mortgages has fallen four basis points 6.09%. The 15-year fixed term has now increased by seven basis points 5.44%.

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

• 30 years fixed: 6.09%

• 20 years fixed: 5.75%

• 15 years fixed: 5.44%

• 5/1 ARM: 6.22%

• 7/1 ARM: 6.53%

• 30 year old VA: 5.58%

• 15 year old VA: 5.01%

• 5/1 VA: 5.48%

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

Discover 8 strategies to get the lowest mortgage rates.

These are the current mortgage refinance rates according to the latest Zillow data:

• 30 years fixed: 6.24%

• 20 years fixed: 5.84%

• 15 years fixed: 5.64%

• 5/1 ARM: 6.47%

• 7/1 ARM: 6.62%

• 30 year old VA: 5.72%

• 15 year old VA: 5.55%

• 5/1 VA: 5.54%

Here too, the figures given are national average values ​​rounded to the nearest hundredth. Mortgage refinance interest rates are often higher than interest rates when purchasing a home, although this is not always the case.

Use the mortgage calculator below to find out how current interest rates would affect your monthly mortgage payments.

For a deeper dive you can use Yahoo’s free mortgage calculator to see how home insurance and property taxes impact your monthly payment estimate. You even have the option to enter costs private mortgage insurance (PMI) and contributions from the homeowners association, if these apply to you. This information results in a more accurate monthly payment estimate than if you simply calculated the principal and interest on your mortgage.

A 30-year fixed-rate mortgage offers two main benefits: your payments are lower and your monthly payments are predictable.

With a 30-year fixed-rate mortgage, the monthly payments are relatively low because you spread the repayment over a longer period of time than, for example, with a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your interest rate doesn’t change from year to year. Most years, just any changes can affect your monthly payment Home contents insurance or Property taxes.

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

A 30-year fixed term comes with a higher interest rate than a shorter fixed term and higher than the introductory interest rate for a 30-year ARM. The higher your plan, the higher your monthly payment will be. Due to the higher interest rate and longer term, you will also pay significantly higher interest over the life of your loan.

The advantages and disadvantages of 15-year fixed mortgage rates are basically reversed compared to 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 pay off the same amount in half the time, your monthly payments will be higher than if you opt for a 30-year term.

Adjustable Rate Mortgages Fix your tariff for a set period of time and then change it regularly. For example, with a 5/1 ARM, your interest rate stays the same for the first five years and then increases or decreases once per year for the remaining 25 years.

The main advantage is that the introductory interest rate is typically lower than what you would get with a 30-year fixed rate, so your monthly payments will be lower. (However, current average interest rates do not necessarily reflect this – in some cases fixed rates are actually lower. Talk to your lender before deciding between one Fixed or adjustable tariff.)

With an ARM, you have no idea what the mortgage interest rate will be when the introductory period ends, so you risk your interest rates increasing later. This can ultimately lead to higher costs and your monthly payments will be unpredictable from year to year.

However, if you plan to move before the rate introductory period ends, you can reap the benefits of a low rate without the risk of a later rate increase.

First, Now is a relatively good time to buy a house compared to a few years ago. Real estate prices are not rising like they did at the height of the COVID-19 pandemic. So if you want or need to buy a house soon, you should be pretty happy with the current situation in the housing market.

Interest rates have been falling for several weeks, and the interest rate on a conventional 30-year loan is at its lowest in more than a year.

The best time to purchase is usually when it makes sense for your stage of life. Trying to time the real estate market can be as pointless as trying to time the stock market – buy when it’s the right time for you.

According to Zillow, the national average 30-year mortgage rate is currently 6.09%. But remember Mortgage rates vary by state and even zip code. For example, if you buy in a city with a high cost of living, prices may be higher.

Economists don’t expect mortgage rates to fall significantly before the end of the year. They may only go down inches here or there, but they probably won’t crash.

Overall, mortgage rates have gradually fallen. The 30-year fixed rate has fallen more than half a point since the beginning of July.

In many ways, securing a low interest rate on your mortgage refinance is similar to buying your home. Try to improve your credit score and lower yours Debt to Income Ratio (DTI). Refinancing to a shorter term will also give you a lower interest rate, even though your monthly mortgage payments will be higher.