From Yahoo Finance: 2025-05-17 06:00:00

Mortgage rates have decreased for two consecutive days, with the 30-year fixed rate at 6.77% and the 15-year fixed rate at 6.03%. It may be a good weekend to start shopping for homes and lenders. Locking in a rate could protect from future rate increases. National averages for mortgage rates are provided by Zillow, rounded to the nearest hundredth.

Today’s mortgage refinance rates are slightly higher than purchase rates, with the 30-year fixed rate at 6.97% and the 15-year fixed rate at 6.25%. Refinance rates can vary and are often higher than purchase rates. Improving credit score and lowering debt-to-income ratio can help secure lower refinance rates.

A 30-year fixed mortgage offers lower payments and predictability, but comes with higher interest rates in both the short and long term. In contrast, a 15-year fixed mortgage has higher monthly payments but lower interest rates, allowing homeowners to save on interest over the life of the loan.

Adjustable-rate mortgages (ARMs) offer lower introductory rates but come with the risk of rates increasing later. Timing the real estate market based on interest rates may not be wise, as rates can be unpredictable due to political and economic factors. The best time to buy is when it makes sense for your stage of life.

Mortgage rates are currently at 6.77% nationally, but can vary based on location. Rates are expected to decrease slightly in 2025, but significant drops are not anticipated. While rates are down today, they remain mostly flat compared to last month. Refinancing into a shorter term can result in a lower rate, despite higher monthly payments.



Read more at Yahoo Finance: It’s a good weekend to lock in your rate