Mortgage rates have increased today, but the inclines aren't significant. According to Zillow, the 30-year fixed mortgage rate has risen by two basis points to 6.63%, and the 15-year fixed interest rate is up by four basis points to 5.93%.
Many have predicted that President Trump's tariffs on Canada, China, and Mexico would cause mortgage rates to go up. This could be the case eventually — but Trump has temporarily paused tariffs on Canada and Mexico, and he is in the middle of a potential compromise with China. Mortgage rates might not move much while we wait to see the long-term effects of tariffs (and other Trump policies) on the U.S. economy. If you're worried about mortgage rates increasing in the near future, you could lock in a rate now.
Have questions about buying, owning, or selling a house? Submit your question to chof360's panel of Realtors using this Google form.
Here are the current mortgage rates, according to the latest Zillow data:
30-year fixed: 6.63%
20-year fixed: 6.39%
15-year fixed: 5.93%
5/1 ARM: 6.70%
7/1 ARM: 6.77%
30-year VA: 6.10%
15-year VA: 5.52%
5/1 VA: 6.10%
Remember, these are the national averages and rounded to the nearest hundredth.
Learn more: Here's how mortgage rates are determined
These are today's mortgage refinance rates, according to the latest Zillow data:
30-year fixed: 6.64%
20-year fixed: 6.38%
15-year fixed: 5.95%
5/1 ARM: 6.87%
7/1 ARM: 7.10%
30-year VA: 6.11%
15-year VA: 5.75%
5/1 VA: 6.13%
30-year FHA: 6.17%
15-year FHA: 5.80%
Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case.
Use chof360 Finance's free mortgage calculator to see how various interest rates and term lengths will impact your monthly mortgage payment. It also shows how the home price and down payment amount play into things.
Our calculator includes homeowners insurance and property taxes in your monthly payment estimate. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest.
There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.
A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn’t going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes.
The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term.
A 30-year fixed term comes with a higher rate than a shorter fixed term, and it’s higher than the intro rate to 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 the longer term.
The pros and cons of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Yes, your monthly payments will still be 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. So you’ll save potentially hundreds of thousands of dollars in interest over the course of your loan.
However, because you’re paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.
Dig deeper: 15-year vs. 30-year mortgages
Adjustable-rate mortgages lock in your rate for a predetermined amount of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years.
The main advantage is that the introductory rate is usually lower than what you’ll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don't reflect this, though — 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 intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year.
But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road.
Learn more: Adjustable-rate vs. fixed-rate mortgage
The national average 30-year mortgage rate is 6.63% right now, according to Zillow. But keep in mind that averages can vary depending on where you live. For example, if you're buying in a city with a high cost of living, rates could be even higher.
Mortgage rates will probably decrease by the end of 2025. However, any declines will likely be gradual — and they could get higher before they get lower.
Mortgage rates aren't dropping — they actually haven't moved much over the last week. They were inching down for several days, but they've been increasing again this week.
In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.
