From Yahoo Finance: 2025-05-10 06:00:00

Today, mortgage rates have increased slightly, with the 30-year fixed rate at 6.72% and the 15-year rate at 6.03%. However, compared to last month, rates have actually dropped by 15 basis points for the 30-year and 23 basis points for the 15-year. National averages show a slight decrease in rates overall.

Current mortgage rates are as follows: 30-year fixed: 6.72%, 20-year fixed: 6.50%, 15-year fixed: 6.03%, 5/1 ARM: 7.11%, 7/1 ARM: 7.41%, 30-year VA: 6.29%, 15-year VA: 5.70%, 5/1 VA: 6.33%. These rates are national averages rounded to the nearest hundredth.

Mortgage refinance rates, on the other hand, are slightly higher than purchase rates. The current refinance rates are as follows: 30-year fixed: 6.75%, 20-year fixed: 6.26%, 15-year fixed: 6.06%, 5/1 ARM: 7.51%, 7/1 ARM: 7.33%, 30-year VA: 6.28%, 15-year VA: 5.88%, 5/1 VA: 6.48%.

When considering a mortgage, it’s important to weigh the pros and cons of different options. A 30-year fixed-rate mortgage offers lower monthly payments and predictability, but comes with higher interest costs. In contrast, a 15-year fixed-rate mortgage has higher monthly payments but lower interest rates, saving money in the long run.

Adjustable-rate mortgages (ARMs) offer lower introductory rates but can become unpredictable once the initial period ends. It’s crucial to consider your financial goals and plans when choosing between fixed and adjustable rates.

Timing the real estate market based on interest rates can be challenging. While rates are expected to decrease slightly in 2025, significant drops are unlikely. The key is to buy a home when it makes sense for your lifestyle and financial situation, rather than trying to predict market movements.



Read more at Yahoo Finance: Rates down over the last month