Mortgage rates have increased, with 30-year fixed at 6.51% and 15-year fixed at 5.89%

From Yahoo Finance: 2025-03-24 06:00:00

Today’s mortgage rates have increased. The 30-year fixed rate is now 6.51%, and the 15-year fixed rate is 5.89%. It’s unlikely rates will drastically decrease, so focus on improving finances or shopping for lenders for the lowest rate possible. National averages are rounded to the nearest hundredth.

Mortgage refinance rates are slightly higher than purchase rates. The current rates are: 30-year fixed – 6.53%, 20-year fixed – 6.11%, 15-year fixed – 5.88%. Refinance rates tend to be a bit higher than purchase rates, but can still vary based on individual circumstances.

A 30-year mortgage with a 6.51% rate would result in a $1,898 monthly payment on a $300,000 loan. In contrast, a 15-year mortgage with a 5.89% rate would have a $2,514 monthly payment. Consider factors like interest savings and monthly affordability when choosing a mortgage term.

Adjustable-rate mortgages (ARMs) may start lower than fixed rates, but can increase after the initial period. ARM rates can be comparable to fixed rates, so research lenders for competitive rates. Factors like down payment, credit score, and debt-to-income ratio influence mortgage rates.

Consider improving credit score or saving for a higher down payment to secure a lower mortgage rate. Paying points at closing can also lower the interest rate permanently. Evaluate if the cost of buying down the rate is worth the potential savings in interest over the loan term.

Read more: A 6.5% rate could be the new normal