A week ago today, the Federal Reserve slashed the fed funds rate by 50 basis points. It also signaled that it will cut the rate two more times in 2024. But since then, most mortgage rates have spiked. For example, today’s 30-year fixed mortgage rate has increased by 20 basis points to 5.78%.
Despite these higher rates, there are two pieces of good news. First, mortgage rates will likely decrease later in 2024 and throughout 2025 — so if you want to buy in the next year or so, you could get a good rate. Second, even though rates are up this week, mortgage rates are still much lower than a month ago. This time in August, the 30-year fixed rate was 6.01%, or 23 basis points higher than today. So, if you’re in the market to buy a house, you’re still getting a better deal than you would have a month or two ago.
Learn more: Is it a good time to buy a house?
Mortgage rates today
Here are the current mortgage rates, according to our latest Zillow data:
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30-year fixed: 5.78%
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20-year fixed: 5.55%
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15-year fixed: 4.92%
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5/1 ARM: 5.83%
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7/1 ARM: 6.30%
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30-year VA: 5.16%
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15-year VA: 4.83%
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5/1 VA: 5.61%
Remember that these are the national averages and rounded to the nearest hundredth.
Read more: What determines mortgage rates? It’s complicated.
Mortgage refinance rates today
Here are today’s mortgage refinance interest rates, according to the latest Zillow data:
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30-year fixed: 5.85%
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20-year fixed: 5.57%
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15-year fixed: 4.97%
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5/1 ARM: 6.14%
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7/1 ARM: 5.78%
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5/1 FHA: 4.50%
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30-year VA: 5.25%
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15-year VA: 5.10%
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5/1 VA: 5.53%
As with the purchase mortgage rates, these are national averages we’ve rounded to the nearest hundredth. Keep in mind that refinance rates are usually a little higher than rates on your original mortgage.
Learn more: Is now a good time to refinance your mortgage?
Mortgage calculator
Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments. This can help you decide whether to buy a home or refinance in the near future.
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.
How mortgage rates have changed this week
30-year fixed rates increase (+0.20%)
Today’s 30-year fixed rate is 5.78%, which is up 20 basis points from last week’s 5.58%.
On a $300,000 mortgage, a 5.78% rate on a 30-year term would result in a monthly mortgage payment of $1,756 toward principal and interest.
20-year fixed rates incline (+0.17%)
The 20-year fixed rate is 5.55% today, up 17 basis points since last Wednesday.
A 5.55% rate on a $300,000, 20-year mortgage means you would pay $2,072 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 inch up (+0.06%)
The current 15-year fixed rate is 4.92%, an increase of six basis points since last week.
With a 15-year term and 5.92% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,519. 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 fall (-0.16%)
The mortgage interest rate is 5.83% on a 5/1 adjustable-rate mortgage (ARM) today, which is down since this time last week.
If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 5.83% rate will result in a $1,766 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 spike (+0.30%)
Today’s 7/1 ARM mortgage rate is 6.30%. This time last week, the rate was 6.00%.
A 6.30% rate means your monthly payment on a $300,000 mortgage will be $1,857 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 jump up (+0.20%)
The current 30-year VA loan rate is 5.16%, which is up from last week’s 4.97%.
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 5.16% rate would result in a monthly payment of $1,664.
15-year VA loan rates soar (+0.26%)
Today’s 15-year VA loan rate is 4.83% — a 26-basis-point incline from last week.
With $300,000 mortgage loan that has a 15-year term and 4.83% rate, you’d pay $2,346 monthly toward the principal and interest.
5/1 VA ARM rates tick up (+0.03%)
The 5/1 VA ARM rate today is 5.61%, which is a 25-point increase from last week.
If you got a 5/1 VA ARM with a 30-year term and 5.61% rate, you’d pay $1,724 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
How mortgage refinance rates have changed this week
30-year fixed refinance rates skyrocket (+0.30%)
Today’s 30-year fixed refinance rate is 5.85%, up from last week’s 5.55%.
If you refinance into a $300,000 mortgage with a 30-year term and 5.85% rate, your new monthly mortgage payment toward principal and interest will be $1,770.
20-year fixed refinance rates drop (+0.28%)
The current 20-year fixed refinance rate is 5.57%, which is 28 basis points higher than this time last week.
A new 20-year $300,000 mortgage with a 5.57% rate would result in a $2,076 monthly principal and interest payment.
15-year fixed refinance rates go up (+0.12%)
The 15-year fixed refinance rate is 4.97%, a 12-basis-point increase since last week.
A refinanced mortgage with a $300,000 principal, 15-year term, and 4.97% rate would result in a $2,368 monthly payment.
Read more: Want to refinance your mortgage? Here are 7 home refinance options.
5/1 ARM refinance rates increase (+0.15%)
Today’s 5/1 ARM refinance rate is 6.14%, 15 basis points higher than last week.
A 5/1 ARM with a 6.14% rate and $300,000 principal would lead to a $1,826 monthly payment for the first five years of your refinanced mortgage. Then, your rate will go up or down annually for the last 25 years of your mortgage.
7/1 ARM refinance rates decrease (-0.23%)
The 7/1 ARM refinance rate is 5.78% today, a 23-basis-point decline since last week.
If you get a 7/1 ARM mortgage with a 5.78% rate, your monthly payment will be $1,756 on a $300,000 loan. After the first seven years, your rate will adjust annually for the remaining 23 years.
5/1 FHA refinance rates go down (-0.08%)
The current 5/1 FHA refinance rate is 4.50%, which is eight basis points lower than last week.
By refinancing into a 5/1 FHA loan with a $300,000 balance and 4.50% rate, you’ll pay $1,520 each month for the first five years.
Learn more: Best FHA lenders
30-year VA refinance rates incline (+0.25%)
The 30-year VA refinance rate is 5.25% today, up 25 basis points since last week.
A 30-year $300,000 mortgage with a 5.25% rate will result in a $1,657 monthly payment toward your principal and interest.
15-year VA refinance rates rise (+0.24%)
Today’s 15-year VA refinance rate is 5.10%, up 24 basis points over the last week.
A 15-year refinanced mortgage for $300,000 with a 5.10% rate would cost you $2,388.
5/1 ARM refinance rates soar (+0.34%)
The 5/1 ARM refinance rate is 5.53%, up 34 basis points from last week’s 5.19%.
A 5/1 ARM with a 5.53% rate and $300,000 mortgage will result in a $1,709 monthly payment for the first five years. Then, your rate will increase or decrease for the remaining 25 years of your term.
Dig deeper: How soon can you refinance your mortgage after buying a home?
Today’s mortgage rates: FAQs
What are mortgage interest rates doing today?
Most of today’s mortgage rates are higher than last week. According to Zillow, the 30-year fixed rate has increased by 20 basis points since last week, and the 15-year fixed rate is up by six basis points.
Are refinance rates dropping?
Mortgage refinance rates have been dropping in general over the last couple of months, but most have increased since this time last week. For example, the 30-year refinance rate is up 30 basis points at 5.85%.
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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