Mortgage rates have decreased on all terms since last Wednesday. According to Zillow data, the average 30-year fixed rate is 6.42%, and the 15-year fixed rate is 5.74%. The average 5/1 ARM rate is 6.41%.
If you’re otherwise financially ready, now could be a good time to buy a house. Rates have been inching down, and inventory is higher in summer, so you’ll have more options when home shopping.
Dig deeper: When will mortgage rates finally go down?
Mortgage rates today
Here are the current mortgage rates, according to our latest Zillow data:
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30-year fixed: 6.42%
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20-year fixed: 6.00%
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15-year fixed: 5.74%
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5/1 ARM: 6.41%
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7/1 ARM: 6.48%
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30-year VA: 5.72%
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15-year VA: 5.22%
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5/1 VA: 6.01%
Remember that these are the national averages and rounded to the nearest hundredth.
Learn more: 5 strategies to get the lowest mortgage rates
Mortgage calculator
Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments.
Our calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.
30-year fixed rates decrease (-0.19%)
Today’s 30-year fixed rate is 6.42%, which is down 19 basis points from last week’s 6.61%.
On a $300,000 mortgage, a 6.42% rate on a 30-year term would result in a monthly mortgage payment of $1,880 toward principal and interest.
20-year fixed rates drop (-0.23%)
The 20-year fixed rate is 6% today, down 23 basis points since last Wednesday.
A 6% rate on a $300,000, 20-year mortgage means you would pay $2,149 toward principal and interest each month. A 20-year term can be a nice balance between a 30-year and 15-year term because you’ll pay off your mortgage faster and pay less in interest, but your monthly payments won’t be as high as with a 15-year mortgage loan.
15-year fixed rates nosedive (-0.28%)
The current 15-year fixed rate is 5.74%, a decrease of 28 basis points since last week.
With a 15-year term and 5.74% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,490. However, you would pay off your loan much more quickly than with a longer term and pay less in interest.
Learn more: 15-year vs. 30-year mortgages
5/1 ARM rates go down (-0.17%)
The mortgage interest rate is 6.41% on a 5/1 adjustable-rate mortgage (ARM) today. This is 17-basis-point decline from last week, when it was 6.58%.
If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 6.41% rate will result in a $1,878 monthly payment for the first five years. Then, your rate will increase or decrease once per year for the remaining 25 years.
7/1 ARM rates decline (-0.11%)
Today’s 7/1 ARM mortgage rate is 6.48%. This time last week, the rate was 6.59%.
A 6.48% rate means your monthly payment on a $300,000 mortgage will be $1,892 for the first seven years, then it will change annually for the last 23 years of your term.
Dig deeper: Best mortgage lenders for first-time home buyers
30-year VA loan rates fall (-0.18%)
The current 30-year VA loan rate is 5.72%, which is down from last week’s 5.90%.
VA loans also typically come with lower rates. You also don’t have to pay annual mortgage insurance premiums, which can make them more affordable than FHA loans. If you’re affiliated with the military, a VA loan can be a great choice.
A 30-year, $300,000 mortgage with a 5.72% rate would result in a monthly payment of $1,745.
15-year VA loan rates drop (-0.21%)
Today’s 15-year VA loan rate is 5.22% — a 21-basis-point drop from last week.
With $300,000 mortgage loan that has a 15-year term and 5.22% rate, you’d pay $2,442 monthly toward the principal and interest.
5/1 VA ARM rates plummet (-0.22%)
The 5/1 VA ARM rate today is 6.01%, which is a 22-point decrease from last week.
If you got a 5/1 VA ARM with a 30-year term and 6.01% rate, you’d pay $1,801 toward the $300,000 principal and interest. After the first five years, your rate and monthly payment would alter annually.
Learn more: Best VA loan lenders
Today’s mortgage rates: FAQs
What are mortgage interest rates doing today?
Compared to this time last week, mortgage rates are down across the board today. The 30-year fixed rate is 6.42%, and the 15-year fixed rate is 5.74%.
How do you get the lowest mortgage rate?
To get the lowest mortgage rate in the current housing market, make a sizable down payment, have an excellent credit score, and keep your debt-to-income ratio (DTI) low. The stronger your personal finances, the lower your interest rate should be.
Should I lock in my mortgage rate today or wait?
It’s impossible to predict the best day for a mortgage rate lock because rates shift from day to day. But locking in your rate early can be helpful so you can know what your monthly budget as a homeowner will be as soon as possible.
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