Mortgage Rates Mixed Today: Higher on Longer-Term Loans, Unchanged on Shorter

Mortgage interest rates are mixed today, with a rise in the average 30-year fixed rate to 6.71% and no change for the 15-year mortgage at 5.83%. Bond traders are adjusting their positions after a positive jobs report, causing yields to increase, leading to choppy bond market and mortgage rates this week.

The current mortgage rates are: 30-year fixed at 6.71%, 20-year fixed at 6.31%, 15-year fixed at 5.83%, 5/1 ARM at 7.68%, 7/1 ARM at 7.45%, 30-year VA at 6.21%, 15-year VA at 5.61%, and 5/1 VA at 6.38%. These are national averages rounded to the nearest hundredth.

Today’s mortgage refinance rates are: 30-year fixed at 6.78%, 20-year fixed at 6.37%, 15-year fixed at 5.98%, 5/1 ARM at 7.72%, 7/1 ARM at 7.58%, 30-year VA at 6.22%, 15-year VA at 5.94%, and 5/1 VA at 6.33%. Refinance rates are usually higher than purchase rates.

A 30-year fixed mortgage offers lower and predictable monthly payments. The main disadvantage is higher mortgage interest rates, resulting in higher payments and more interest paid over the life of the loan compared to shorter terms.

With a 15-year fixed mortgage, you’ll have predictable payments and lower interest rates, allowing for significant interest savings over the loan term. However, monthly payments are higher due to the shorter term.

Adjustable-rate mortgages (ARMs) offer lower introductory rates than fixed rates, resulting in lower initial monthly payments. But rates can change after the intro period, leading to unpredictable future payments.

Mortgage rates are currently around 6.71%, with potential variations based on location and economic conditions. Expect rates to remain stable in the near future, barring major economic changes.

Securing a low mortgage refinance rate involves improving credit score, lowering debt-to-income ratio, and considering a shorter term for a lower rate, despite higher monthly payments.

Read more at Yahoo Finance: Higher on longer-term loans, unchanged on shorter