From Yahoo Finance: 2025-04-16 06:00:00

Today, mortgage rates have decreased on almost all loan terms. The average 30-year fixed interest rate is now 6.78%, down by eight basis points, and the 15-year fixed rate has dropped to 6.09%, a 10 basis point decrease. Home loan rates may be down due to the fall in the 10-year Treasury yield, affecting mortgage trends.

The current national average mortgage rates are as follows: 30-year fixed at 6.78%, 20-year fixed at 6.64%, 15-year fixed at 6.09%, 5/1 ARM at 6.97%, 7/1 ARM at 7.19%, 30-year VA at 6.34%, 15-year VA at 5.89%, and 5/1 VA at 6.35%. Remember, these rates are national averages rounded to the nearest hundredth.

Today’s mortgage refinance rates, according to Zillow data, are: 30-year fixed at 6.81%, 20-year fixed at 6.69%, 15-year fixed at 6.13%, 5/1 ARM at 6.77%, 7/1 ARM at 6.58%, 30-year VA at 6.39%, 15-year VA at 6.11%, and 5/1 VA at 6.50%. Refinance rates are often higher than purchase rates, but not always.

When considering a 30-year fixed mortgage, remember that payments are lower and predictable due to spreading repayment over a longer period. However, the main disadvantage is higher mortgage interest rates in both the short and long term compared to shorter terms or adjustable-rate mortgages.

A 15-year fixed mortgage offers lower interest rates and allows you to pay off your mortgage 15 years sooner, saving money on interest. However, monthly payments are higher than with a 30-year term due to the shorter repayment period. Consider the pros and cons of each term before deciding.

Adjustable-rate mortgages (ARMs) offer lower introductory rates than fixed-rate mortgages, leading to lower initial monthly payments. However, rates can change after the intro period, making monthly payments unpredictable. Consider your future plans and risk tolerance before choosing between fixed and adjustable rates.

Mortgage rates are currently at 6.78%, but averages can vary by location, potentially being higher in high-cost-of-living areas. Rates are expected to fluctuate due to economic uncertainty, with potential decreases by the end of 2025. Factors impacting rates include the state of the U.S. economy and market conditions.



Read more at Yahoo Finance: Rates fall across the board