Mortgage Rates Increase Slightly

Today, mortgage rates have experienced a slight uptick. Zillow reports a three-basis-point increase in the 30-year fixed rate to 6.57% and a four-basis-point rise in the 15-year fixed rate to 5.88%. These incremental adjustments align with the latest labor market statistics released by the U.S. Bureau of Labor Statistics, indicating a drop in the unemployment rate. Historically, mortgage rates tend to rise in conjunction with a positive economic outlook.

Current Mortgage Rates

Zillow's recent data provides the following current mortgage rates:

* 30-year fixed: 6.57%
* 20-year fixed: 6.34%
* 15-year fixed: 5.88%
* 5/1 ARM: 6.87%
* 7/1 ARM: 6.81%
* 30-year VA: 5.98%
* 15-year VA: 5.40%
* 5/1 VA: 6.08%

Mortgage Refinance Rates

Zillow also reports the following mortgage refinance rates:

* 30-year fixed: 6.58%
* 20-year fixed: 6.39%
* 15-year fixed: 5.92%
* 5/1 ARM: 7.11%
* 7/1 ARM: 7.07%
* 30-year VA: 6.08%
* 15-year VA: 5.66%
* 5/1 VA: 6.08%
* 30-year FHA: 6.18%
* 15-year FHA: 5.86%

It's important to note that these rates are national averages rounded to the nearest hundredth.

30-Year Fixed Mortgage: Pros and Cons

* Pros:
* Lower monthly payments
* Predictable payments
* Cons:
* Higher interest rate over the life of the loan
* Longer repayment period

15-Year Fixed Mortgage: Pros and Cons

* Pros:
* Lower interest rate
* Shorter repayment period, saving significant interest
* Cons:
* Higher monthly payments

Adjustable Mortgage Rates: Pros and Cons

* Pros:
* Lower introductory rate
* Cons:
* Unpredictable payments after introductory period
* Risk of higher interest rates

Current Housing Market

While home prices have stabilized compared to the peak of the COVID-19 pandemic, mortgage rates are projected to remain elevated throughout 2025. However, buying a house remains a viable option for those in need or who are financially prepared.

FAQs

* Current 30-year mortgage rate: 6.57%
* Expected interest rate trend: Gradual decline over the next few years
* How to get the lowest refinance rate: Improve credit score, lower debt-to-income ratio, and consider a shorter term