Today, mortgage rates have increased, with the 30-year fixed rate at 6.52% and the 15-year fixed rate at 5.70%. The CME FedWatch tool predicts an 85% chance of a federal funds rate cut in September, potentially leading to lower mortgage rates.

Current national mortgage rates are as follows: 30-year fixed: 6.52%, 20-year fixed: 6.21%, 15-year fixed: 5.70%, 5/1 ARM: 6.86%, 7/1 ARM: 6.81%, 30-year VA: 6.05%, 15-year VA: 5.44%, 5/1 VA: 5.85%.

Today’s national average mortgage refinance rates are: 30-year fixed: 6.59%, 20-year fixed: 6.11%, 15-year fixed: 5.92%, 5/1 ARM: 7.19%, 7/1 ARM: 6.83%, 30-year VA: 6.04%, 15-year VA: 5.52%, 5/1 VA: 5.59%. Refinance rates are typically higher than rates for home purchases.

A 30-year fixed mortgage offers lower and predictable monthly payments. However, it comes with higher interest rates, resulting in more interest paid over the loan term. In contrast, a 15-year fixed mortgage has lower interest rates but higher monthly payments.

Adjustable-rate mortgages (ARMs) have an initial lower rate than fixed-rate mortgages, resulting in lower initial monthly payments. However, rates can change after the initial period, leading to unpredictable payments. It’s essential to consider future rate changes before choosing an ARM.

The current national average 30-year mortgage rate is 6.52%. Mortgage rates vary by state and ZIP code, with higher rates in cities with a high cost of living. Overall, mortgage rates are expected to decrease slightly in the coming weeks.

Securing a low mortgage refinance rate involves improving credit score, lowering debt-to-income ratio, and considering a shorter loan term for a lower rate. Timing the real estate market based on interest rates can be challenging, so buy when it’s the right time for your situation.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, August 16, 2025: Fixed rates inch up