Core Insights - Mortgage rates are nearing 6%, with the average 30-year fixed mortgage rate at 6.00% according to Zillow, while Freddie Mac reported a slightly higher rate of 6.23% [1][19][21] - The importance of comparing offers from multiple lenders is emphasized due to the significant differences in reported rates [1] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.00% - 20-year fixed: 5.86% - 15-year fixed: 5.50% - 5/1 ARM: 6.11% - 7/1 ARM: 6.15% - 30-year VA: 5.44% - 15-year VA: 5.10% - 5/1 VA: 5.11% [5][19] Refinance Rates - Today's average mortgage refinance rates are typically higher than purchase rates, although this is not always the case [3] Adjustable Mortgage Rates - Adjustable-rate mortgages (ARMs) have lower initial rates but can increase after the introductory period, making them suitable for those planning to sell before the rate adjusts [12][13] - Recent trends show that ARM rates can be similar to or even higher than fixed rates, highlighting the need for careful comparison [14] Strategies for Lower Rates - To secure lower mortgage rates, lenders favor borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [15] - Options for reducing interest rates include paying for discount points at closing or considering temporary buydowns [16][17] Market Outlook - Economists do not expect significant drops in mortgage rates before the end of the year, as various economic factors are being monitored [21]
Mortgage and refinance interest rates today for December 1, 2025: Waiting for a dip under 6%