Mortgage Rates on the Rise
Current Mortgage Rates
As of today's Zillow data, the national average mortgage rates stand at:
* 30-Year Fixed: 6.74%
* 20-Year Fixed: 6.49%
* 15-Year Fixed: 6.03%
* 5/1 ARM: 6.69%
* 7/1 ARM: 6.74%
* 30-Year VA: 6.17%
* 15-Year VA: 5.66%
* 5/1 VA: 6.07%
* 30-Year FHA: 6.29%
Current Mortgage Refinance Rates
According to Zillow, the current mortgage refinance rates are:
* 30-Year Fixed: 6.75%
* 20-Year Fixed: 6.45%
* 15-Year Fixed: 6.08%
* 5/1 ARM: 6.68%
* 7/1 ARM: 6.64%
* 30-Year VA: 6.16%
* 15-Year VA: 5.89%
* 5/1 VA: 6.08%
Fixed-Rate vs. Adjustable-Rate Mortgages
Fixed-rate mortgages lock in the rate for the loan's duration, while adjustable-rate mortgages (ARMs) offer a fixed rate for a predetermined period before adjusting periodically.
Choosing a Mortgage Lender
To find the best mortgage lender, consider:
* Applying for preapproval with multiple lenders within a short time frame to compare rates and terms.
* Evaluating the Annual Percentage Rate (APR), which includes fees and discount points.
FAQs
Q: What is the current national average mortgage rate?
A: 6.74% for 30-year fixed and 6.03% for 15-year fixed.
Q: Are mortgage rates expected to drop?
A: Not significantly in the near future, but may fluctuate.
Q: How does inflation affect mortgage rates?
A: Inflationary pressures can drive up the cost of borrowing, potentially increasing mortgage rates.
Q: What is the difference between a 15-year and 30-year fixed mortgage?
A: A 15-year mortgage has a lower interest rate but higher monthly payments, while a 30-year loan offers lower monthly payments but accumulates more interest over time.