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 - Mortgage rates have decreased, with the 30-year fixed mortgage rate at 6.24% and the 15-year fixed rate at 5.52% [1] - The decline in mortgage rates is influenced by the falling 10-year Treasury yield, which may not continue to decrease [1] - Current mortgage rates are national averages and can vary based on individual financial situations [17] Current Mortgage Rates - 30-year fixed: 6.24% [5] - 15-year fixed: 5.52% [5] - 5/1 ARM: 6.38% [5] - 7/1 ARM: 6.11% [5] - 30-year VA: 5.70% [5] - 15-year VA: 5.32% [5] Refinance Rates - 30-year fixed refinance: 6.38% [6] - 15-year fixed refinance: 5.72% [6] - 5/1 ARM refinance: 6.72% [6] - 7/1 ARM refinance: 6.74% [6] - 30-year VA refinance: 6.07% [6] Comparison of Mortgage Types - 15-year mortgages generally have lower rates than 30-year mortgages, but result in higher monthly payments [8] - Example: A $400,000 mortgage at 6.24% for 30 years results in a monthly payment of about $2,460, totaling $485,696 in interest [9] - A $400,000 mortgage at 5.52% for 15 years results in a monthly payment of about $3,273, totaling $189,065 in interest [9] Adjustable vs. Fixed-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) can change after an initial period [11][12] - ARMs may start with lower rates but carry the risk of increases after the initial period [13] Future Rate Expectations - Economists do not expect significant drops in mortgage rates before the end of 2025, despite recent Federal Reserve rate cuts [14][18] - The next quarter-point cut is anticipated at the Fed's meeting on October 29 [15] - Any potential decreases in 2026 are expected to be modest, influenced by economic conditions and inflation [19]

Core Insights - Mortgage rates have decreased this week, with the national average 30-year fixed mortgage rate dropping to 6.30%, which is slightly lower than the same time last year [1] - The 15-year fixed mortgage rate has also decreased to 5.53%, following two weeks of increases [1][2] Mortgage Rates Overview - Current mortgage rates include a 30-year fixed at 6.21%, a 20-year fixed at 5.70%, and a 15-year fixed at 5.53% [6] - Adjustable-rate mortgages (ARMs) are also available, with a 5/1 ARM at 6.31% and a 7/1 ARM at 6.43% [6] Refinance Rates - Today's refinance rates show a 30-year fixed at 6.34% and a 15-year fixed at 5.64% [7] - Refinance rates can sometimes be higher than purchase mortgage rates, but this is not always the case [4][14] Economic Context - Interest rates are not expected to drop significantly before the end of the year, making any decrease in rates beneficial for home buyers and those looking to refinance [2] - The economy plays a crucial role in determining mortgage rates, with lower rates typically occurring during economic struggles to encourage borrowing [14] Mortgage Rate Types - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages have a fixed rate for an initial period before adjusting periodically [10][11] - A 30-year mortgage offers lower monthly payments but incurs more interest over time, whereas a 15-year mortgage has higher monthly payments but lower overall interest costs [15][16]

Mortgage Rates Overview - Today's average 30-year fixed mortgage rate is 6.27%, down by one basis point, while the 15-year fixed rate remains at 5.58% [1] - The government shutdown may influence mortgage rates, as economic data releases are currently halted [1] Current Mortgage Rates - National average mortgage rates include: - 30-year fixed: 6.27% - 20-year fixed: 5.93% - 15-year fixed: 5.58% - 5/1 ARM: 6.64% - 7/1 ARM: 6.32% - 30-year VA: 5.77% - 15-year VA: 5.32% - 5/1 VA: 5.41% [5] Refinance Rates - Current refinance rates are generally higher than purchase rates, with the 30-year fixed refinance rate at 6.48% [15] Economic Context - Economists do not anticipate significant drops in mortgage rates before the end of 2025, despite recent federal funds rate cuts [12][16] - The Federal Reserve has made several rate cuts in 2024, with expectations for more before the end of the year [13][14] Mortgage Payment Comparisons - A $400,000 mortgage at 30 years with a 6.27% rate results in a monthly payment of approximately $2,468, totaling $488,507 in interest over the term [8] - A $400,000 15-year mortgage at 5.58% results in a monthly payment of about $3,285, with total interest of $191,361 [8] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) can change after an initial fixed period [10][11] - ARMs may start with lower rates but carry the risk of increases after the initial period [12]

Core Insights - The 30-year mortgage rate has decreased by more than half a point since the end of May, currently at 6.28%, while the 15-year fixed rate is at 5.58% [1][16][17] - Adjustable-rate mortgages (ARMs) are also available, with the 5/1 ARM rate at 6.69% and the 7/1 ARM at 6.79% [3][16] - Mortgage refinance rates tend to be higher than purchase rates, but this is not always the case [2] Current Mortgage Rates - 30-year fixed: 6.28% [1][16] - 20-year fixed: 5.79% [3] - 15-year fixed: 5.58% [1][16] - 5/1 ARM: 6.69% [3] - 7/1 ARM: 6.79% [3] - 30-year VA: 5.67% [3] - 15-year VA: 5.20% [3] - 5/1 VA: 5.46% [3] Mortgage Payment Examples - A $300,000 mortgage at a 30-year term with a 6.28% rate results in a monthly payment of approximately $1,853, totaling $367,083 in interest over the loan's life [7] - For the same mortgage amount at a 15-year term with a 5.58% rate, the monthly payment would be $2,464, with total interest paid amounting to $143,521 [9] Adjustable Mortgage Rates - ARMs typically start with lower rates than fixed-rate mortgages but can increase after the initial fixed period [10][11] - The 5/1 ARM locks in the rate for the first five years, after which it adjusts annually [10] Strategies for Lower Mortgage Rates - Lenders offer the best rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [13] - Options to lower rates include paying for discount points at closing or considering temporary interest rate buydowns [14][15] Market Outlook - Mortgage rates are not expected to drop significantly before the end of the year, with the 30-year fixed rate only eight basis points from the year's low [18]

Core Insights - The article emphasizes the importance of timing when refinancing a mortgage, particularly suggesting that the end of the year may be an ideal time to act due to potential interest rate changes and personal financial reviews [1][2] Refinancing Timing - The Federal Reserve's recent interest rate cut of 25 basis points has prompted discussions on whether to wait for further cuts or refinance now, with experts advising to take advantage of current savings opportunities rather than trying to time the market [2] - A rule of thumb for refinancing is that a drop of 75 basis points typically makes refinancing worthwhile, but even smaller drops can be beneficial for those with higher existing rates [3][4] Financial Calculations - For a $400,000 mortgage at 7.25%, refinancing to a 6.5% rate could save approximately $232 per month and over $40,000 in interest over the loan's life [4] - The break-even point for refinancing costs, which can range from 2% to 6% of the loan amount, is crucial; for example, if refinancing costs $5,000 and monthly savings are $232, it would take about 21 months to break even [5][11][13] Loan Options - Homeowners planning to stay long-term may benefit from fixed-rate or shorter-term loans, while those expecting to move within a few years might consider adjustable-rate mortgages (ARMs) for initial lower rates [6][10] - A 15-year fixed-rate mortgage could offer substantial savings over the life of the loan, despite higher monthly payments [9][10] Costs and Alternatives - Closing costs for refinancing can add up quickly, and homeowners should consider whether to roll these costs into the loan or pay upfront based on their time horizon [11][14] - For those not looking to change mortgage terms but needing cash, a home equity line of credit (HELOC) may be a more suitable option than refinancing [15][16] Qualification Criteria - Qualification for refinancing remains stringent, focusing on credit scores, debt-to-income ratios, and home equity, with recommendations for homeowners to prepare in advance [18][19] Seasonal Considerations - Winter may present a favorable time for refinancing due to reduced homebuying activity, allowing lenders to focus on refinancing applications [20]

Mortgage Rates Overview - Mortgage rates have increased slightly, with the 30-year fixed-rate home loan rising to 6.34% and the 15-year fixed-rate increasing to 5.55% [1] - The 10-year Treasury yield, which influences mortgage rates, has been declining due to concerns over employment and a potential government shutdown [1] Current Mortgage Rates - Current national average mortgage rates include: - 30-year fixed: 6.29% - 20-year fixed: 5.98% - 15-year fixed: 5.58% - 5/1 ARM: 6.41% - 7/1 ARM: 6.54% - 30-year VA: 5.78% - 15-year VA: 5.41% - 5/1 VA: 6.06% [4] - Another set of current rates shows: - 30-year fixed: 6.44% - 20-year fixed: 6.06% - 15-year fixed: 5.74% - 5/1 ARM: 6.63% - 7/1 ARM: 6.94% - 30-year VA: 5.90% - 15-year VA: 5.77% - 5/1 VA: 5.59% [5] Mortgage Rate Types - 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 periodically [8] - A 30-year fixed mortgage offers lower monthly payments but incurs more interest over time, whereas a 15-year fixed mortgage has higher monthly payments but less total interest paid [12][13] Factors Influencing Mortgage Rates - Mortgage rates are influenced by both controllable factors (like credit scores and down payments) and uncontrollable factors (such as economic conditions) [10][11] - Economic conditions, such as employment rates, can lead to lower mortgage rates during economic struggles to encourage borrowing [11] Refinancing Insights - Refinance rates are typically higher than purchase rates, and experts suggest refinancing when a lower rate of 1% to 2% can be secured compared to the current mortgage rate [11][17]

Core Insights - Mortgage rates have increased for long-term loans and decreased for short-term loans, with the current 30-year mortgage rate at 6.36% and the 15-year rate at 5.63% [1][14] Mortgage Rates Overview - Current mortgage rates include: - 30-year fixed: 6.36% - 20-year fixed: 5.81% - 15-year fixed: 5.63% - 5/1 ARM: 6.67% - 7/1 ARM: 6.50% - 30-year VA: 5.81% - 15-year VA: 5.35% - 5/1 VA: 5.83% [4] Refinance Rates - Refinance rates are generally higher than purchase rates, with the current 30-year refinance rate at 6.52% [2][14] Interest Rate Trends - Economists do not anticipate significant drops in mortgage rates before the end of 2025, despite recent federal rate cuts [11][15] - The Federal Reserve has made several rate cuts in 2024, with expectations for additional cuts in 2025 [12][13] Mortgage Payment Calculations - A $400,000 mortgage at a 30-year term with a 6.36% rate results in a monthly payment of approximately $1,993, totaling $397,568 in interest over the term - A $400,000 15-year mortgage at a 5.63% rate results in a monthly payment of about $3,296, totaling $193,279 in interest [7] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have rates that can change after an initial period [9][10] - ARMs may start with lower rates but carry the risk of increases after the initial lock period [11]

Core Insights - Current mortgage rates are stabilizing as the Federal Reserve considers rate cuts, with the 30-year fixed mortgage rate at 6.32% and the 15-year fixed rate at 5.70% [1][17][18] - The recent drop in mortgage rates has benefited consumers, bringing rates below 6.5% for the first time in nearly a year, although there remains some risk of upward pressure on rates [2][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] Mortgage Payment Calculations - 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 [11][12] - Recent trends show that ARM rates can be similar to or even higher than fixed rates, necessitating careful comparison among lenders [13] Strategies for Lower Mortgage Rates - Lenders offer the best rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [14] - Options for reducing interest rates include paying for discount points at closing or utilizing temporary interest rate buydowns [15][16]

Core Points - The Chase Home Loans mortgage rate sale offers discounts on refinancing, but the promotion ends on September 21 [1] - Customers must lock in their refinancing rate before the deadline to qualify for the discount [2] - The discount varies by mortgage product and location, and is influenced by the borrower's creditworthiness [2] Refinancing Types - The sale includes two types of refinancing: rate-and-term refinance and cash-out refinance [3][8] - Rate-and-term refinance allows homeowners to exchange their old mortgage for one with a new interest rate or repayment term [8] - Cash-out refinance enables homeowners to borrow against their home equity with a larger loan balance [8] Discount Combinations - The mortgage refinance rate discount can be combined with Chase's relationship pricing discount, which can reduce the rate by up to 1% [4][5] - Relationship pricing applies when customers deposit new funds into their Chase accounts [4] Legitimacy of Rate Sales - Rate sales are considered legitimate if the lender does not require upfront interest payments in the form of discount points [6] - Borrowers can verify the absence of discount points in their official Loan Estimate [7]