Mortgage rate trends have been inconsistent this week — some ups, some downs, some minor changes, and some significant shifts. The 30-year mortgage rates for purchases and refinances have gone down, though. The 30-year purchase rate dropped by 12 basis points this week to 5.98%, and the 30-year refinance rate is down six basis points to 6.13%.
It could be a good time to buy or refinance with a 30-year rate. But be sure to shop for mortgage lenders so you can compare interest rates and fees to find the best deal.
Learn more:5 strategies to get the lowest mortgage rates
Here are the current mortgage rates, according to our latest Zillow data:
30-year fixed: 5.98%
20-year fixed: 5.74%
15-year fixed: 5.33%
5/1 ARM: 6.32%
7/1 ARM: 6.40%
5/1 FHA: 4.90%
30-year VA: 5.29%
15-year VA: 4.89%
5/1 VA: 5.54%
Remember that these are the national averages and rounded to the nearest hundredth.
Read more: What determines mortgage rates? It's complicated.
Mortgage refinance rates today
Here are today's mortgage refinance interest rates, according to the latest Zillow data:
30-year fixed: 6.13%
20-year fixed: 5.78%
15-year fixed: 5.48%
5/1 ARM: 6.13%
7/1 ARM: 6.21%
5/1 FHA: 4.83%
30-year VA: 5.43%
15-year VA: 5.23%
5/1 VA: 5.38%
As with the purchase mortgage rates, these are national averages we've rounded to the nearest hundredth. Keep in mind that refinance rates are usually a little higher than rates on your original mortgage.
Learn more: Is now a good time to refinance your mortgage?
Mortgage calculator
Use the free Yahoo Finance mortgage calculator see how different mortgage terms and interest rates will impact your monthly payments. This can help you decide whether to buy a home or refinance in the near future.
Our calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.
How mortgage rates have changed this week
30-year fixed rates decrease (-0.12%)
Today's 30-year fixed rate is 5.98%, which is down 12 basis points from last week's 6.10%.
On a $300,000 mortgage, a 5.98% rate on a 30-year term would result in a monthly mortgage payment of $1,795 toward principal and interest.
20-year fixed rates incline (+0.05%)
The 20-year fixed rate is 5.74% today, up five basis points since last Wednesday.
A 5.74% rate on a $300,000, 20-year mortgage means you would pay $2,105 toward principal and interest each month. A 20-year term can be a nice balance between a 30-year and 15-year term because you'll pay off your mortgage faster and pay less in interest, but your monthly payments won't be as high as with a 15-year mortgage loan.
15-year fixed rates inch down (-0.02%)
The current 15-year fixed rate is 5.33%, a decrease of two basis points since last week.
With a 15-year term and 5.33% interest rate, your monthly payment on a $300,000 mortgage would jump to $2,424. However, you would pay off your loan much more quickly than with a longer term and pay less in interest.
Learn more: 15-year vs. 30-year mortgages
5/1 ARM rates hold steady (+0.00%)
The mortgage interest rate is 6.32% on a 5/1 adjustable-rate mortgage (ARM) today, which is the same as this time last week.
If you have a 5/1 ARM with a 30-year term, and your loan is for $300,000, a 6.32% rate will result in a $1,861 monthly payment for the first five years. Then, your rate will increase or decrease once per year for the remaining 25 years.
7/1 ARM rates spike (+0.23%)
Today's 7/1 ARM mortgage rate is 6.40%. This time last week, the rate was 6.17%.
A 6.40% rate means your monthly payment on a $300,000 mortgage will be $1,877 for the first seven years, then it will change annually for the last 23 years of your term.
Dig deeper: Best mortgage lenders for first-time home buyers
5/1 FHA rates increase (+0.15%)
The 5/1 FHA loan rate is 4.90%, which is up 15 basis points since last week.
With a 4.90% rate on a 30-year term, you'd pay $1,592 monthly toward your principal and interest on a $300,000 mortgage. FHA loans can be great options if you have a low credit score or high debt levels, especially since interest rates are relatively low.
30-year VA loan rates fall (-0.10%)
The current 30-year VA loan rate is 5.29%, which is down from last week's 5.39%.
VA loans also typically come with lower rates. You also don't have to pay annual mortgage insurance premiums, which can make them more affordable than FHA loans. If you're affiliated with the military, a VA loan can be a great choice.
A 30-year, $300,000 mortgage with a 5.29% rate would result in a monthly payment of $1,664.
15-year VA loan rates rise (+0.14%)
Today's 15-year VA loan rate is 4.89% — a 14-basis-point incline from last week.
With $300,000 mortgage loan that has a 15-year term and 4.89% rate, you'd pay $2,355 monthly toward the principal and interest.
5/1 VA ARM rates soar (+0.25%)
The 5/1 VA ARM rate today is 5.38%, which is a 25-point increase from last week.
If you got a 5/1 VA ARM with a 30-year term and 5.38% rate, you'd pay $1,681 toward the $300,000 principal and interest. After the first five years, your rate and monthly payment would alter annually.
Learn more: Best VA loan lenders
How mortgage refinance rates have changed this week
30-year fixed refinance rates decline (-0.06%)
Today's 30-year fixed refinance rate is 6.13%, down from last week's 6.19%.
If you refinance into a $300,000 mortgage with a 30-year term and 6.13% rate, your new monthly mortgage payment toward principal and interest will be $1,824.
20-year fixed refinance rates drop (-0.18%)
The current 20-year fixed refinance rate is 5.78%, which is 18 basis points lower than this time last week.
A new 20-year $300,000 mortgage with a 5.78% rate would result in a $2,111 monthly principal and interest payment.
15-year fixed refinance rates go down (-0.14%)
The 15-year fixed refinance rate is 5.48%, a 14-basis-point decrease since last week.
A refinanced mortgage with a $300,000 principal, 15-year term, and 5.48% rate would result in a $2,448 monthly payment.
Read more: Want to refinance your mortgage? Here are 7 home refinance options.
5/1 ARM refinance rates inch down (-0.03%)
Today's 5/1 ARM refinance rate is 6.13%, three basis points higher than last week.
A 5/1 ARM with a 6.13% rate and $300,000 principal would lead to an $1,824 monthly payment for the first five years of your refinanced mortgage. Then, your rate will go up or down annually for the last 25 years of your mortgage.
7/1 ARM refinance rates spike (+0.33%)
The 7/1 ARM refinance rate is 6.21% today, a 33-basis-point incline since last week.
If you get a 7/1 ARM mortgage with a 6.21% rate, your monthly payment will be $1,839 on a $300,000 loan. After the first seven years, your rate will adjust annually for the remaining 23 years.
5/1 FHA refinance rates increase (+0.08%)
The current 30-year FHA refinance rate is 4.83%, which is eight basis points higher than last week.
By refinancing into a 30-year FHA loan with a $300,000 balance and 4.83% rate, you'll pay $1,579 each month.
Learn more: Best FHA lenders
30-year VA refinance rates decrease (-0.05%)
The 30-year VA refinance rate is 5.43% today, down five basis points since last week.
A 30-year $300,000 mortgage with a 5.43% rate will result in a $1,690 monthly payment toward your principal and interest.
15-year VA refinance rates rise (+0.11%)
Today's 15-year VA refinance rate is 5.23%, up 11 basis points over the last week.
A 15-year refinanced mortgage for $300,000 with a 5.23% rate would cost you $2,408.
5/1 ARM refinance rates soar (+0.25%)
The 5/1 ARM refinance rate is 5.38%, up 25 basis points from last week's 5.13%.
A 5/1 ARM with a 5.38% rate and $300,000 mortgage will result in a $1,681 monthly payment for the first five years. Then, your rate will increase or decrease for the remaining 25 years of your term.
Dig deeper: How soon can you refinance your mortgage after buying a home?
Today's mortgage rates: FAQs
What are mortgage interest rates doing today?
Some mortgage rates have decreased today while others have increased. According to Zillow, the 30-year fixed rate has dropped by 12 basis points since last week, and the 15-year fixed rate is down by two basis points.
Are refinance rates dropping?
Some mortgage refinance rates have dropped since last week. For example, the 30-year fixed refinance rate has decreased by six basis points to 6.13%.
How do you get the lowest mortgage rate?
To get the lowest mortgage rate in the current housing market, make a sizable down payment, have an excellent credit score, and keep your debt-to-income ratio (DTI) low. The stronger your personal finances, the lower your interest rate should be.
Should I lock in my mortgage rate today or wait?
It's impossible to predict the best day for a mortgage rate lock because rates shift from day to day. But locking in your rate early can be helpful so you can know what your monthly budget as a homeowner will be as soon as possible.