Core Insights - Mortgage rates are on the rise, with the average 30-year fixed mortgage rate increasing to 6.10% and the 15-year fixed rate to 5.55% [1][18][19] Current Mortgage Rates - The current average rates are as follows: - 30-year fixed: 6.10% - 20-year fixed: 5.97% - 15-year fixed: 5.55% - 5/1 ARM: 6.45% - 7/1 ARM: 6.38% - 30-year VA: 5.56% - 15-year VA: 5.22% - 5/1 VA: 5.40% [5] Refinance Rates - Mortgage refinance rates are generally higher than purchase rates, but this can vary [3] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting [10][11] - ARMs typically start with lower rates but can increase after the initial period [12] Choosing a Mortgage Lender - To secure the best mortgage rates, borrowers should apply for preapproval with multiple lenders and compare not just interest rates but also the annual percentage rate (APR) [15][16][17] - Factors influencing lower rates include higher down payments, excellent credit scores, and low debt-to-income ratios [13][19] Market Outlook - Mortgage rates are not expected to drop significantly in the near future, although minor fluctuations may occur [20]
Mortgage and refinance interest rates today, December 7, 2025: As rates rise, comparing offers is crucial