Mortgage rates remain steady with the 30-year fixed rate at 6.16% and the 15-year fixed rate at 5.61%. National averages for various mortgage terms are provided by Zillow, with refinance rates often higher than purchase rates. The Federal Reserve may cut short-term interest rates, but mortgage rates are expected to stay relatively stable.

A 30-year fixed mortgage offers lower and predictable monthly payments due to a longer repayment period. However, the main disadvantage is higher interest costs over the loan term. In contrast, a 15-year fixed mortgage has higher monthly payments but lower interest rates and a quicker payoff, saving on interest over time.

Adjustable-rate mortgages lock in rates for a set period, offering lower initial rates but potentially higher costs later. It’s crucial to weigh the risks of rate fluctuations and consider future plans when choosing between fixed and adjustable rates. Mortgage rates can vary depending on location and may be impacted by the cost of living.

Securing a low mortgage refinance rate involves improving credit scores and reducing debt-to-income ratios. Shorter loan terms typically come with lower rates, but higher monthly payments. Understanding the nuances of mortgage rates can help borrowers make informed decisions and potentially save money in the long run.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, November 12, 2025: Steady, near 2025 lows