From Yahoo Finance: 2025-05-11 06:00:00

Today, mortgage interest rates have increased slightly. The 30-year fixed rate is at 6.72%, and the 15-year fixed rate is at 6.03%. Economic data, especially about inflation, may influence rates this week, but significant changes are unlikely.

The current national average mortgage rates are as follows: 30-year fixed at 6.72%, 20-year fixed at 6.50%, 15-year fixed at 6.03%, 5/1 ARM at 7.11%, 7/1 ARM at 7.41%, 30-year VA at 6.29%, 15-year VA at 5.70%, and 5/1 VA at 6.33%.

Today’s mortgage refinance rates are slightly higher than purchase rates. For example, the 30-year fixed refinance rate is 6.75%, while the 15-year fixed refinance rate is 6.06%. Refinance rates are generally higher but not always.

When choosing between a 15-year and 30-year mortgage, consider the trade-offs. A 15-year mortgage comes with a lower interest rate, meaning you’ll pay less interest over time but have higher monthly payments compared to a 30-year term.

Fixed-rate mortgages lock in your rate for the entire loan term, while adjustable-rate mortgages keep the rate fixed for a set period before adjusting annually. Fixed rates are typically higher initially, but adjustable rates may increase over time.

To secure the lowest mortgage rate, focus on improving your credit score, saving for a higher down payment, and reducing your debt-to-income ratio. Waiting for rates to drop significantly may not be the most effective strategy to get the best rate.

When comparing mortgage lenders, look beyond just interest rates. Consider the annual percentage rate (APR), which includes interest rate, discount points, and fees. The APR reflects the true annual cost of borrowing and is crucial for comparing lenders.

The national average 30-year mortgage rate is 6.72%, while the average 15-year rate is 6.03%. However, rates can vary based on location, with higher rates in expensive areas and lower rates in more affordable regions.

Having an excellent credit score, substantial down payment, and low debt-to-income ratio could help you secure a better mortgage rate. While rates may fluctuate slightly, significant drops are not expected in the near future.

Read more: Economic data could shift mortgage rates