Mortgage rates increase at the start of home-buying season
From Yahoo Finance: 2025-03-25 06:00:00
Today’s mortgage rates have increased, with the average 30-year fixed rate at 6.58% and the 15-year fixed rate at 5.97%. It’s officially spring, marking the start of “home-buying season” with more competition. Mortgage rates are expected to remain high for the next few months. Now might be a good time to buy a home.
Current mortgage rates are: 30-year fixed: 6.58%, 20-year fixed: 6.36%, 15-year fixed: 5.97%, 5/1 ARM: 6.72%, 7/1 ARM: 6.76%, 30-year VA: 6.10%, 15-year VA: 5.63%, 5/1 VA: 5.13%. These rates are national averages and rounded.
Mortgage refinance rates are slightly lower, with the 30-year fixed rate at 6.56%. Refinance rates are typically higher than purchase rates. A mortgage calculator can help determine monthly payments based on different rates and terms. Consider the benefits of a 15-year mortgage over a 30-year for long-term savings.
Fixed-rate mortgages offer a locked rate, while adjustable-rate mortgages have changing rates after an initial period. Economists predict gradual rate changes, influenced by Federal Reserve decisions. Rates may not significantly drop in the near future. It’s essential to understand how rate decisions impact mortgage rates.