15- and 30-year terms sneak lower as Fed decides
From Yahoo Finance: 2025-06-18 06:00:00
Mortgage interest rates fluctuate slightly, with the 30-year fixed rate at 6.73%, 20-year at 6.38%, and 15-year at 5.96%. The Federal Reserve’s upcoming announcement on short-term interest rates is expected to remain the same, with mortgage rates continuing to shift.
National averages for mortgage rates include 30-year fixed at 6.73%, 20-year at 6.38%, and 15-year at 5.96%. Refinancing rates are typically higher, but vary depending on factors like location and credit score. It’s advised to use a mortgage calculator for accurate estimates based on individual circumstances.
30-year fixed mortgages offer lower and predictable monthly payments but come with higher interest rates. In contrast, 15-year fixed rates result in lower interest payments and earlier mortgage payoff, though monthly payments are higher. Adjustable-rate mortgages provide lower initial rates but carry higher risk and potential rate increases.
Mortgage rates are expected to remain stable in the near future, barring significant economic shifts. Rates have stayed relatively consistent compared to a year ago. Securing a low mortgage refinance rate mirrors buying a home, with credit score improvement and DTI ratio reduction recommended for better rates.