From Yahoo Finance: 2025-05-03 06:00:00

Today, mortgage interest rates have increased. The average 30-year fixed rate is now 6.70%, up nine basis points, while the 15-year rate is up to 5.95%. This rise could be due to the strong April jobs report, showing more nonfarm payrolls than expected. Rates tend to increase when the economy is doing well.

Current national average mortgage rates are: 30-year fixed: 6.70%, 20-year fixed: 6.28%, 15-year fixed: 5.95%, 5/1 ARM: 6.88%, 7/1 ARM: 7.13%, 30-year VA: 6.24%, 15-year VA: 5.66%, 5/1 VA: 6.32%. These rates are rounded to the nearest hundredth.

Today’s mortgage refinance rates are: 30-year fixed: 6.75%, 20-year fixed: 6.49%, 15-year fixed: 6.08%, 5/1 ARM: 7.37%, 7/1 ARM: 7.47%, 30-year VA: 6.33%, 15-year VA: 6.07%, 5/1 VA: 6.43%. Refinance rates are generally higher than purchase rates.

A 30-year fixed mortgage offers lower and predictable monthly payments. However, the main downside is higher interest over the long term compared to shorter terms. In contrast, a 15-year fixed rate offers lower interest rates, saving money over the loan’s life but with higher monthly payments.

Adjustable-rate mortgages (ARMs) offer lower introductory rates than fixed rates, leading to lower initial payments. However, rates can change after the intro period, making payments unpredictable. ARMs are ideal if you plan to move before the intro-rate period ends.

Now is a good time to buy a house, with stable prices and uncertain mortgage rates. Timing the real estate market based on rates can be challenging. Focus on buying when it’s right for your life stage. Mortgage rates are expected to decrease slightly in 2025 but not significantly.

The national average 30-year mortgage rate is 6.70%, but rates can vary by location. Rates are expected to decrease slightly in 2025. Mortgage rates fluctuated this week but are currently steady. To secure a low refinance rate, improve your credit score, lower your debt-to-income ratio, and consider a shorter term for lower rates.



Read more at Yahoo Finance: Rates rise in response to April jobs report