Mortgage rates vary by state and by who reports them. If you’re looking for a rate under 6%, you’ll like Zillow’s rate compilation system. According to Zillow, the current 30-year fixed rate is 5.85%. Zillow gets rates from its marketplace of lenders, so they’re legit, and it’s the lowest rate we’ve seen in years.
Here are the current mortgage rates, according to the latest data from Zillow:
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Fixed for 30 years: 5.85%
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Fixed for 20 years: 5.64%
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Fixed for 15 years: 5.36%
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ARM 5/1: 5.81%
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7/1 ARM: 5.71%
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30 year old VA: 5.36%
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VA of 15 years: 5.15%
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5/1VA: 4.99%
Remember, these are national averages and are rounded to the nearest hundredth.
Discover 8 strategies to get the lowest mortgage rates.
Here are the current mortgage refinance rates, according to the latest data from Zillow:
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Fixed for 30 years: 5.97%
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Fixed for 20 years: 5.67%
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Fixed for 15 years: 5.39%
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ARM 5/1: 6.10%
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7/1 ARM: 5.89%
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30 year old VA: 5.68%
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VA of 15 years: 5.21%
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5/1VA: 4.95%
Again, the figures provided are national averages rounded to the nearest hundredth. Mortgage refinancing rates are typically higher than rates when purchasing a home, although this is not always the case.
Use the mortgage calculator below to see how current interest rates would affect your monthly mortgage payments.
You can bookmark Yahoo Finance’s mortgage payment calculator and keep it on hand for future use as you research homes and lenders. You also have the option to enter private mortgage insurance (PMI) costs and homeowners’ association dues, if applicable. These details result in a more accurate monthly payment estimate than if you simply calculated the principal and interest on your mortgage.
A 30-year fixed mortgage has two main advantages: its payments are lower and its monthly payments are predictable.
A 30-year fixed-rate mortgage has relatively low monthly payments because it spreads your payment over a longer period of time than, for example, a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your rate won’t change from year to year. Most years, the only thing that could affect your monthly payment is changes to your homeowner’s insurance or property taxes.
The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both short and long term.
A 30-year fixed term has a higher rate than a shorter fixed term, and is higher than the introductory rate on a 30-year ARM. The higher your rate, the higher your monthly payment. You’ll also pay much more in interest over the life of your loan due to both the higher rate and longer term.
The pros and cons of 15-year fixed mortgage rates are basically interchangeable with those of 30-year rates. Yes, your monthly payments will remain predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention you’ll pay off your mortgage 15 years sooner. Therefore, you will potentially save hundreds of thousands of dollars in interest over the course of your loan.
However, because you will pay the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.
Adjustable rate mortgages lock your rate for a predetermined period of time and then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then moves up or down once a year for the remaining 25 years.
The main advantage is that the initial rate is usually lower than what you’ll get with a 30-year fixed rate, so your monthly payments will be lower. (However, current average rates don’t necessarily reflect this; in some cases, fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.)
With an ARM, you have no idea what mortgage rates will be like once the rate introductory period ends, so you run the risk of your rate increasing later. Ultimately, this could end up costing more and your monthly payments are unpredictable from year to year.
But if you plan to move before the rate introductory period ends, you could reap the benefits of a low rate without risking a rate increase in the future.
First of all, now is a good time to buy a home compared to a couple of years ago. Home prices are not rising as they did during the height of the COVID-19 pandemic. So, if you want or need to buy a home soon, you should feel pretty good about the current housing market.
Mortgage rates have also fallen since this time last year.
The best time to buy is usually when it makes sense for your life stage. Trying to time the housing market can be as useless as timing the stock market: buy when the time is right for you.
According to Zillow, the national average 30-year mortgage rate is 5.85% right now. Why are Zillow rates typically lower than those reported by Freddie Mac and other places? Each source compiles rates using different methods. Zillow pulls rates from its marketplace of lenders, and Freddie Mac pulls information from loan applications submitted to its underwriting system. However, mortgage rates vary by state and even by zip code, lender, loan type, and many other factors. That’s why it’s so important to compare prices with multiple mortgage lenders.
Are interest rates expected to fall?
Bit. Based on January forecasts, the MBA expects the 30-year mortgage rate to approach 6.1% through 2026. Fannie Mae also predicts a 30-year rate near 6% through the end of the year.
Overall, mortgage rates have gradually fallen since late May of last year. The 30-year fixed rate peaked at more than 7% in January 2025, then rose and fell for months. On May 29, 2025, the 30-year rate was 6.89% and began to slowly decline.
In many ways, getting a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and reduce your debt-to-income (DTI) ratio. Refinancing to a shorter term will also get you a lower rate, although your monthly mortgage payments will be higher.