Latest news with #30YearFixed
Yahoo
05-07-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, July 5, 2025: Rates hold steady
Today's mortgage rates have inched up, but the increases are pretty small. For example, according to Zillow, the average 30-year fixed mortgage rate is up one basis point to 6.59%. The average 15-year fixed rate has risen by four basis points to 5.81%. Steady mortgage interest rates can be good for buyers who want to lock in a rate. Sure, borrowers would be happy if rates dropped drastically — but stable rates are more reliable than volatile ones, which the U.S. housing market has had plenty of experience with so far in 2025. Read more: What determines mortgage rates? It's complicated. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.59% 20-year fixed: 6.24% 15-year fixed: 5.81% 5/1 ARM: 7.36% 7/1 ARM: 7.38% 30-year VA: 6.14% 15-year VA: 5.60% 5/1 VA: 6.29% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.59% 20-year fixed: 6.24% 15-year fixed: 5.81% 5/1 ARM: 7.36% 7/1 ARM: 7.38% 30-year VA: 6.14% 15-year VA: 5.60% 5/1 VA: 6.29% 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 the mortgage calculator below to see how today's interest rates would affect your monthly mortgage payments. For a deeper dive, you can use Yahoo's free mortgage calculator to see how homeowners insurance and property taxes factor into 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 necessarily reflect this, though — 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 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 First of all, now is a relatively good time to buy a house compared to a couple of years ago. Home prices aren't spiking like they were during the height of the COVID-19 pandemic. So, if you want or need to buy a house soon, you should feel pretty good about the current housing market. However, mortgage rates are staying relatively high due to the political and economic climate. Experts don't think rates will plummet in 2025, so you might not want to base your decision on whether to buy strictly on interest rates. Recent news that home price gains are slowing, with predictions that house values may actually ease lower this year, can be part of your home buying decision. The best time to buy is typically whenever it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market — buy when it's the right time for you. Read more: Which is more important, your home price or mortgage rate? According to Zillow, the national average 30-year mortgage rate is 6.59% right now. 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 higher. Overall, mortgage rates are expected to lower slightly in 2025. Rates may inch up or down from day to day, but there shouldn't be a huge shift in the near future. No, mortgage rates have been fairly steady over the last week, even ticking up today. 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.
Yahoo
05-07-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, July 5, 2025: Rates hold steady
Today's mortgage rates have inched up, but the increases are pretty small. For example, according to Zillow, the average 30-year fixed mortgage rate is up one basis point to 6.59%. The average 15-year fixed rate has risen by four basis points to 5.81%. Steady mortgage interest rates can be good for buyers who want to lock in a rate. Sure, borrowers would be happy if rates dropped drastically — but stable rates are more reliable than volatile ones, which the U.S. housing market has had plenty of experience with so far in 2025. Read more: What determines mortgage rates? It's complicated. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.59% 20-year fixed: 6.24% 15-year fixed: 5.81% 5/1 ARM: 7.36% 7/1 ARM: 7.38% 30-year VA: 6.14% 15-year VA: 5.60% 5/1 VA: 6.29% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.59% 20-year fixed: 6.24% 15-year fixed: 5.81% 5/1 ARM: 7.36% 7/1 ARM: 7.38% 30-year VA: 6.14% 15-year VA: 5.60% 5/1 VA: 6.29% 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 the mortgage calculator below to see how today's interest rates would affect your monthly mortgage payments. For a deeper dive, you can use Yahoo's free mortgage calculator to see how homeowners insurance and property taxes factor into 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 necessarily reflect this, though — 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 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 First of all, now is a relatively good time to buy a house compared to a couple of years ago. Home prices aren't spiking like they were during the height of the COVID-19 pandemic. So, if you want or need to buy a house soon, you should feel pretty good about the current housing market. However, mortgage rates are staying relatively high due to the political and economic climate. Experts don't think rates will plummet in 2025, so you might not want to base your decision on whether to buy strictly on interest rates. Recent news that home price gains are slowing, with predictions that house values may actually ease lower this year, can be part of your home buying decision. The best time to buy is typically whenever it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market — buy when it's the right time for you. Read more: Which is more important, your home price or mortgage rate? According to Zillow, the national average 30-year mortgage rate is 6.59% right now. 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 higher. Overall, mortgage rates are expected to lower slightly in 2025. Rates may inch up or down from day to day, but there shouldn't be a huge shift in the near future. No, mortgage rates have been fairly steady over the last week, even ticking up today. 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.
Yahoo
26-06-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, June 26, 2025: Holding mostly steady
Today, mortgage interest rates were mostly unchanged. According to Zillow, the average 30-year fixed mortgage rate dipped two basis points to 6.60%. The 15-year fixed rate was unchanged at 5.85%. Bond markets churned on Wednesday; however, the 10-year Treasury yield, a mile marker for mortgage rates, ended the day basically unchanged. The Federal Reserve is sticking to its story of waiting until fall for lower interest rates, while bond traders are betting on a rate break before the end of summer. The push and pull on yields was basically a tie yesterday. Dig deeper: What the latest CPI report means for mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.60% 20-year fixed: 6.17% 15-year fixed: 5.85% 5/1 ARM: 6.90% 7/1 ARM: 6.84% 30-year VA: 6.18% 15-year VA: 5.62% 5/1 VA: 6.37% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: How to get the lowest mortgage rate possible Here are today's mortgage refinance interest rates, according to the latest Zillow data: 30-year fixed: 6.65% 20-year fixed: 6.34% 15-year fixed: 5.92% 5/1 ARM: 7.22% 7/1 ARM: 7.30% 30-year VA: 6.22% 15-year VA: 5.97% 5/1 VA: 6.27% As with the purchase mortgage rates, these are national averages we've rounded to the nearest hundredth. Refinance rates can be higher than purchase mortgage rates, but that isn't always the case. Use the mortgage calculator below to see how various mortgage rates will impact your monthly payments. The free Yahoo Finance mortgage payment calculator goes even deeper by including factors like homeowners insurance and property taxes in your calculation. You can even add private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be. A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates. A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will stay at 6% for the entire 30 years. (Unless you refinance or sell the home.) An adjustable-rate mortgage keeps your rate the same for the first few years, then changes it periodically. Let's say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years and then the rate would increase or decrease once per year for the last 25 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and U.S. housing market. At the beginning of your mortgage term, most of your monthly payment goes toward interest. As time passes, less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed. Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose? Two categories determine mortgage rates: ones you can control and ones you cannot control. What factors can you control? First, you can compare the best mortgage lenders to find the one that gives you the lowest rate and fees. Second, lenders typically extend lower rates to people with higher credit scores, lower debt-to-income (DTI) ratios, and considerable down payments. If you can save more or pay down debt before securing a mortgage, a lender will probably give you a better interest rate. What factors can you not control? In short, the economy. The list of ways the economy impacts mortgage rates is long, but here are the basic details. If the economy — think employment rates, for example — is struggling, mortgage rates go down to encourage borrowing, which helps boost the economy. If the economy is strong, mortgage rates go up to temper spending. With all other things being equal, mortgage refinance rates are usually a little higher than purchase rates. So don't be surprised if your refinance rate is higher than you may have expected. Two of the most common mortgage terms are 30-year and 15-year fixed-rate mortgages. Both lock in your rate for the entire loan term. A 30-year mortgage is popular because it has relatively low monthly payments. But it comes with a higher interest rate than shorter terms, and because you're accumulating interest for three decades, you'll pay a lot of interest in the long run. A 15-year mortgage can be great because it has a lower rate than you'll get with longer terms, so you'll pay less in interest over the years. You'll also pay off your mortgage much faster. But your monthly payments will be higher because you're paying off the same loan amount in half the time. Basically, 30-year mortgages are more affordable from month to month, while 15-year mortgages are cheaper in the long run. According to 2024 Home Mortgage Disclosure Act (HMDA) data, some of the banks with the lowest median mortgage rates are Bank of America and Citibank. However, it's a good idea to shop around for the best rate with not just banks, but also credit unions and companies specializing in mortgage lending. Yes, 2.75% is a fantastic mortgage rate. You're unlikely to get a 2.75% rate in today's market unless you take on an assumable mortgage from a seller who locked in this rate in 2020 or 2021, when rates were at all-time lows. According to Freddie Mac, the lowest-ever 30-year fixed mortgage rate was 2.65%. This was the national average in January 2021. It is extremely unlikely that rates will dip below 3% again anytime soon. Some experts say it's worth refinancing when you can lock in a rate that's 2% less than your current mortgage rate. Others say 1% is the magic number. It all depends on what your financial goals are when refinancing and when your break-even point would be after paying refinance closing costs.
Forbes
10-06-2025
- Business
- Forbes
Today's Mortgage Refinance Rates: June 10, 2025
The rate on a 30-year fixed refinance increased to 6.94% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.9%. For 20-year mortgage refinances, the average rate is 6.79%. Related: Compare Current Refinance Rates At 6.94%, the average rate on a 30-year fixed-rate mortgage refinance is up 0.32% from a week ago. The APR, or annual percentage rate, on a 30-year fixed is 6.97%. This time last week, it was 6.95%. The APR is the all-in cost of your loan. At the current interest rate of 6.94%, a 30-year fixed mortgage refi would cost $661 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan would be about $138,736. For a 20-year fixed refinance mortgage, the average interest rate is currently 6.79%, about the same as last week. The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.83%, about the same as last week. At today's interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $763 per month in principal and interest – not including taxes and fees. That would equal about $83,573 in total interest over the life of the loan. The average interest rate on the 15-year fixed refinance mortgage is 5.9%. Last week, the 15-year fixed-rate mortgage was at 5.84%. On a 15-year fixed refinance, the annual percentage rate is 5.94%. Last week, it was 5.89%. At the current interest rate, you would pay $838 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $51,350 in total interest. The average interest rate on the 30-year fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) declined week-over-week to 7.33%. Last week, the rate was about the same. Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $688 per month in principal and interest per $100,000 borrowed. A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.53%, up 2.87% from last week. At today's rate, a borrower would pay $873 per month in principal and interest per $100,000 borrowed for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $57,314 in total interest. No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity. The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense. When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms. When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice. There are lots of good reasons to refinance your mortgage, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home's equity or eliminate private mortgage insurance (PMI). It's important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the 'break-even point' for a potential refinance – to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage. Check out our mortgage refinance calculator to help you decide if this is a good time to refinance. Refinancing a mortgage isn't that different than taking out a mortgage in the first place, and it's always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate: Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You're also likely to look better to mortgage refinance lenders if you don't have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates. National average mortgage rates have remained in the middle-to-high 6% range since the final quarter of 2024, and experts expect this trend to continue throughout the first half of 2025. Although forecasting mortgage interest rates is challenging, economic indicators like inflation and unemployment rates can provide insights into the direction of the housing market. For example, if inflation slows and national unemployment levels remain stable or rise, the Federal Reserve may cut the federal funds rate, which could lead to lower mortgage rates. On the other hand, if inflation stays high and unemployment decreases, rates are likely to remain steady. Since mortgage rates are expected to experience minimal movement in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. In the meantime, improving your credit score and making on-time payments will allow you to secure the best possible rate when you begin shopping for refinance offers. Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it's right for you. Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure. Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It's always a good idea to ask the lender what kind of closing costs they'll charge before you decide to borrow from them.
Yahoo
07-06-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, June 7, 2025: Unchanged, and that's a good thing
Mortgage rates are unchanged today. These days, it's good news when they don't move higher. According to Zillow, today's 30-year fixed mortgage rate remained at 6.73%, and the 15-year fixed rate held steady at 5.95%. Friday, a solid jobs report bolstered the stock market, and bond market yields rose. The 10-year Treasury yield, a key indicator of mortgage rates, rose over 2.5% yesterday — that's likely to bring higher mortgage rates in the coming days if the trend holds through next week's trading. Read more: What determines mortgage rates? It's complicated. Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.73% 20-year fixed: 6.35% 15-year fixed: 5.95% 5/1 ARM: 6.98% 7/1 ARM: 6.97% 30-year VA: 6.28% 15-year VA: 5.64% 5/1 VA: 6.28% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.83% 20-year fixed: 6.34% 15-year fixed: 6.01% 5/1 ARM: 7.44% 7/1 ARM: 7.31% 30-year VA: 6.32% 15-year VA: 6.07% 5/1 VA: 6.08% 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 the mortgage calculator below to see how today's interest rates would affect your monthly mortgage payments. For a deeper dive, you can use Yahoo's free mortgage calculator to see how homeowners insurance and property taxes factor into 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 necessarily reflect this, though — 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 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 First of all, now is a relatively good time to buy a house compared to a couple of years ago. Home prices aren't spiking like they were during the height of the COVID-19 pandemic. So, if you want or need to buy a house soon, you should feel pretty good about the current housing market. However, mortgage rates are unpredictable right now due to the political and economic climate. Experts don't think rates will plummet in 2025, so you might not want to base your decision on whether to buy strictly on interest rates. Recent news that home price gains are slowing, with predictions that house values may actually ease lower this year, can be part of your home buying decision. The best time to buy is typically whenever it makes sense for your stage of life. Trying to time the real estate market can be as futile as timing the stock market — buy when it's the right time for you. Read more: Which is more important, your home price or mortgage rate? Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. According to Zillow, the national average 30-year mortgage rate is 6.73% right now. 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 higher. Overall, mortgage rates are expected to remain mostly steady in 2025. They probably won't drop significantly anytime soon. Mortgage rates held firm today but are lower than where they were when they last peaked in mid-January. 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.
