Today’s mortgage rates have slightly decreased. Zillow reports the average 30-year fixed rate is 6.28%, and the 15-year fixed rate is 5.56%. If you’re considering buying a house, now may be a good time, as mortgage rates have likely already factored in any future Fed rate cuts.

Current mortgage rates are as follows: 30-year fixed: 6.28%, 20-year fixed: 5.90%, 15-year fixed: 5.56%, 5/1 ARM: 6.52%, 7/1 ARM: 6.63%, 30-year VA: 5.88%, 15-year VA: 5.39%, 5/1 VA: 5.76%. Remember, these are national averages.

Mortgage refinance rates are slightly higher than purchase rates. The latest Zillow data shows rates like 30-year fixed: 6.38%, 20-year fixed: 5.97%, 15-year fixed: 5.76%, 5/1 ARM: 6.83%, 7/1 ARM: 6.75%, 30-year VA: 5.96%, 15-year VA: 5.96%, 5/1 VA: 5.61%. Always check with your lender for accurate rates.

Considering a 30-year fixed mortgage? Your payments are lower and predictable. However, the main disadvantage is higher interest rates, both short and long-term. With a longer term, you’ll pay more in interest over the life of the loan compared to shorter terms.

Opting for a 15-year fixed mortgage means predictable monthly payments, lower interest rates, and paying off your mortgage sooner. However, monthly payments will be higher compared to a 30-year term due to the shorter repayment period.

Adjustable-rate mortgages (ARMs) offer lower introductory rates than fixed rates, resulting in lower initial monthly payments. However, rates can change after the introductory period, leading to unpredictable monthly payments. Consider an ARM if you plan to move before the intro-rate period ends.

Now could be a good time to buy a house, as home prices have stabilized and mortgage rates have fallen. Trying to time the market perfectly is challenging, so buy when it makes sense for your situation. Economists don’t expect significant drops in mortgage rates by year-end, but rates may fluctuate slightly.

Mortgage rates currently sit at a national average of 6.28%, but rates can vary by state and even ZIP code. High-cost living areas may have higher rates. Economists predict gradual decreases in rates, with the 30-year fixed rate already down by over half a point since late May.

To secure a low mortgage refinance rate, focus on improving your credit score, lowering your debt-to-income ratio, and possibly refinancing into a shorter term. This can result in a lower rate, although monthly payments may be higher.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, October 11, 2025: Rates tick down