Mortgage rates have decreased this week. According to Zillow, the average 30-year fixed mortgage rate has dropped by 10 basis points to 6.18%, and the 15-year fixed rate is down seven basis points to 5.51%. Because rates have been inching down, now could be a good time to buy a house. There's less competition than in the summer months, and the stress that often accompanies the holiday season hasn't arrived yet. Current mortgage rates Here are the current mortgage rates, according to the latest Zillow ...

Core Insights - Current mortgage rates have decreased, with the 30-year fixed rate at 6.32% and the 15-year fixed rate at 5.70%, providing a potential opportunity for homebuyers to secure lower rates [1][17][19] Current Mortgage Rates - The national average mortgage rates are as follows: - 30-year fixed: 6.32% - 20-year fixed: 5.86% - 15-year fixed: 5.70% - 5/1 ARM: 6.84% - 7/1 ARM: 6.92% - 30-year VA: 5.83% - 15-year VA: 5.36% - 5/1 VA: 5.83% [4][17] Refinance Rates - Current mortgage refinance rates are generally higher than purchase rates, with the following averages: - 30-year fixed: 6.46% - 20-year fixed: 5.72% - 15-year fixed: 5.73% - 5/1 ARM: 7.18% - 7/1 ARM: 7.40% - 30-year VA: 5.85% - 15-year VA: 5.61% - 5/1 VA: 5.55% [5][17] Monthly Payment Examples - For a $300,000 mortgage at a 30-year term with a 6.32% rate, the monthly payment would be approximately $2,481, resulting in a total interest payment of $493,199 over the loan's life [8] - For the same mortgage amount at a 15-year term with a 5.70% rate, the monthly payment would increase to $3,311, with total interest paid being $195,969 [10] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed-rate mortgages but carry the risk of rate increases after the initial fixed period. For example, a 5/1 ARM has a fixed rate for the first five years [11][12] - Recent trends show that ARM rates can be similar to or even higher than fixed rates, emphasizing the need for consumers to shop around for competitive offers [13] Strategies for Securing Low Rates - To obtain lower mortgage rates, consumers should focus on higher down payments, improving credit scores, and reducing debt-to-income ratios. Additionally, options like buying down interest rates at closing can be considered [14][15]

Core Insights - Mortgage rates have recently decreased, but historically, they can rise after the Federal Reserve cuts interest rates [1] - Current average mortgage rates include 30-year fixed at 6.28% and 15-year fixed at 5.49% [1][17] - This may be a favorable time for homebuyers to secure lower rates [1] Current Mortgage Rates - The national average for various mortgage types includes: - 30-year fixed: 6.28% - 20-year fixed: 5.78% - 15-year fixed: 5.49% - 5/1 ARM: 6.58% - 7/1 ARM: 6.55% - 30-year VA: 5.69% - 15-year VA: 5.16% - 5/1 VA: 5.81% [4][17] Mortgage Payment Calculations - For a $300,000 mortgage at 30-year fixed rate of 6.28%, the monthly payment would be approximately $1,853, with total interest paid over the loan's life being $367,083 [8] - For a $300,000 mortgage at 15-year fixed rate of 5.49%, the monthly payment would be about $2,450, with total interest paid being $140,939 [10] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed-rate mortgages but can increase after the initial fixed period [11] - The 5/1 ARM has a fixed rate for the first five years, after which it adjusts annually [11] - Recent trends show that ARM rates can be similar to or even higher than fixed rates [13] Strategies for Lower Mortgage Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [14] - Options to lower rates include paying for discount points at closing or considering temporary interest rate buydowns [15][16] Future Outlook - Mortgage rates are not expected to drop significantly in 2025, with ongoing monitoring of inflation and Federal Reserve actions [19]