Mortgage Rates for February 2025

Today's Mortgage Rates

Mortgage rates have experienced a slight decrease across most terms. Zillow reports a 4 basis point reduction in the 30-year fixed rate, bringing it down to 6.50%. This is the first time since mid-December that the average 30-year rate has reached 6.50%.

National Mortgage Rates

> - 30-year fixed: 6.50%
> - 20-year fixed: 6.25%
> - 15-year fixed: 5.83%
> - 5/1 ARM: 6.50%
> - 7/1 ARM: 6.45%
> - 30-year VA: 5.98%
> - 15-year VA: 5.48%
> - 5/1 VA: 6.06%

Mortgage Refinance Rates

Refinance rates exhibit similar trends:

> - 30-year fixed: 6.53%
> - 20-year fixed: 6.25%
> - 15-year fixed: 5.88%
> - 5/1 ARM: 6.56%
> - 7/1 ARM: 6.36%
> - 30-year VA: 5.98%
> - 15-year VA: 5.56%
> - 5/1 VA: 6.08%
> - 30-year FHA: 6.09%
> - 15-year FHA: 5.55%

Using Yahoo Finance's Mortgage Calculator

Our free mortgage calculator allows you to explore the impact of various interest rates and loan terms on your monthly payments. It considers factors such as home price, down payment, insurance, and property taxes.

Considerations for Different Mortgage Types

30-Year Fixed Mortgage

* Pros:
* Lower monthly payments
* Predictable payments
* Cons:
* Higher interest costs over time
* Longer repayment period

15-Year Fixed Mortgage

* Pros:
* Lower interest rates
* Faster payoff
* Cons:
* Higher monthly payments
* Shorter repayment period

Adjustable-Rate Mortgage (ARM)

* Pros:
* Lower introductory rate
* Cons:
* Risk of rate increases
* Unpredictable monthly payments

Is Now a Good Time to Buy a House?

Compared to recent years, the current housing market presents a relatively favorable time to purchase a home. While prices have moderated from pandemic highs, mortgage rates have stabilized and are expected to remain steady throughout 2025. The ideal time to buy remains subjective and depends on individual circumstances.

Frequently Asked Questions

* What is the current 30-year mortgage rate? 6.50%
* Are interest rates expected to go down? Gradual decreases are anticipated in 2025.
* Have mortgage rates been dropping? Rates have fluctuated recently but have generally remained steady.
* How do I get the lowest refinance rate? Factors to consider include credit score, debt-to-income ratio, and choosing a shorter loan term.