Mortgage rates have been rangebound for over six weeks, with nothing to compel them higher or lower. According to Zillow, the average 30-year rate is 6.07%. The 15-year average rate is 5.53%. A Federal Reserve rate cut is likely tomorrow, with Fed Chair Jerome Powell’s comments and the Fed’s dot plot likely to lead bond market sentiment.
Here are the current mortgage rates, according to our latest Zillow data:
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30-year fixed: 6.07%
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20-year fixed: 6.03%
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15-year fixed: 5.53%
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5/1 ARM: 6.19%
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7/1 ARM: 6.30%
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30-year VA: 5.64%
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15-year VA: 5.25%
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5/1 VA: 5.40%
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: 6.20%
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20-year fixed: 6.19%
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15-year fixed: 5.66%
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5/1 ARM: 6.50%
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7/1 ARM: 6.71%
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30-year VA: 5.67%
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15-year VA: 5.52%
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5/1 VA: 5.39%
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 play around with 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 mortgage principal and interest.
As a general rule, 15-year mortgage rates are lower than 30-year mortgage rates. 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 6.07% rate, you’ll make a monthly payment of about $2,416 toward your mortgage principal and interest. As interest accumulates over decades, you’ll end up paying $469,844 in interest.
If you get a $400,000 15-year mortgage with a 5.53% rate, you’ll pay about $3,275 monthly toward your principal and interest. However, you’ll only pay $189,447 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 set period of time. Then the rate will go up or down 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 change every year 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 sometimes you don’t get a rate break.
Economists don’t expect drastic mortgage rate drops through the end of 2026.
The Federal Reserve has announced two rate cuts so far in 2025, including at its last meeting on Oct. 29. The Fed is considering another rate cut tomorrow. However, a “less hawkish Fed” — a Fed signaling it is prone to announce further rate cuts in 2026 — could be a good sign for mortgage rates, according to loanDepot’s head economist, Jeff DerGurahian. But one economic report looms large.
“A less hawkish tone from the Fed could provide relief, but the November payroll report on December 16 will likely be the main driver for year-end rate direction,” DerGurahian said in an analysis. “A significantly weak jobs number could overshadow inflation data and push rates lower toward 6% as we head into the new year.”
According to Zillow data, today’s 30-year fixed rate is 6.07% for home purchases and 6.20% 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.
Mortgage rates aren’t expected to move much by the end of 2025. As the Federal Reserve considers all relevant financial factors before its meeting tomorrow, even another quarter-point rate cut is not likely to push mortgage rates much lower.
According to its November forecast, the Mortgage Bankers Association 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.