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Buzz Feed
10 hours ago
- General
- Buzz Feed
25 Costly Home Buying Mistakes First-Time Buyers Regret The Most
House hunting in today's market is stressful enough without discovering major problems after you've already signed on the dotted line. While most buyers focus on obvious issues like leaky roofs or outdated electrical systems, there are subtler warning signs that, typically, only industry insiders or experienced buyers know to spot. Building on previous deep dives into realtor insights, we've gathered even more professional red flags that could save you from a costly mistake. Whether it's a sewage disaster waiting to happen or a suspicious neighbor's yard full of hate symbols (yes, really), here are 25 kinds of homebuying red flags that don't always show up on Zillow: "I am a realtor. Check the house out at different times of the day — people coming and going from work and school. I had one buyer who was shocked that kids took a shortcut across his front yard on the way home from school. They wanted a neighborhood where they could walk after dinner, and what they found was everybody walking their dogs, who were pooping in their front yard! You can fix just about anything in the home, but the surroundings are impossible to change." "There may be a neighbor next door with five cars who's always blocking your driveway, or a neighbor who lets their dog run loose."—realtorinpink "If you like to order stuff online, you might want to check what the delivery options to the area are." —whale_tail "Grading, hands down. Or the angle at which the ground slopes at the house's foundation. If the ground slopes towards the house, then any rain will just be funneled to your foundation, which can cause some big problems. Extra caution if it's sloped concrete, like a driveway, because that means either mud jacking or jackhammering, which are both labor and cost-intensive. Seriously, when looking at a house, do a walk around the perimeter first. Could save you tens of thousands of dollars on future foundation problems." —Jtizzzle "Never buy a house close to the street drain — you're at the bottom of the street." —angelicmug934 "Pull up the Google Earth view to find property problems. One house we looked at had a chemical dump two blocks away, and another a water treatment plant. There was also one with a beautiful view from the first floor, but then from the second floor, you could see the oil refinery." —angelicmug934 "Check your neighbor's property for strange designs or runes. The next-door neighbor of the house I purchased was a huge white supremacist. I didn't know until a workman told me what one of the symbols meant. The neighbor moved out of state and was extradited back on hate crimes a few years later." —missrayne "Make sure you ask if anyone has died on the property. Some places don't have to tell you unless you ask. There was a house not far from where I lived that had a murder-suicide. The couple didn't know until after they moved in and got freaked out." "Our first morning in our 'new' house, it was raining hard outside. Water was leaking in from around the fireplace to the point that we needed pans to catch it. When we looked at the house, the only access to the attic was through a closet in a spare bedroom, but it was packed to the ceiling with stuff, not clothes, just fragile junk. On that first day, my husband got a ladder and climbed through the hole into the attic. There, he found three shower curtains surrounding the chimney. The previous owners would not acknowledge the leak, even though they had lived there for 10-plus years. We had to sue to be reimbursed for the cost of flashing around the exterior of the fireplace and having the ceiling repaired and painted." "Lucky for them, we only asked for the actual cost, including the lawyer, who was very reasonable in New Hampshire."—rednugget7583 "Check the property in all sorts of weather conditions! Visit during different times of day and days of the week! Research the neighbors!" "Retired appraiser here. Appraisals are not home inspections. Absolutely hire a state-licensed inspector who works for you. They check everything. Inspectors should be insured in case they miss something. Ask to see their license and insurance confirmation — just a letter stating they're insured on the insurance company's letterhead. Do not skimp on this. It's the largest purchase of your life. Worth the money. It's also a good bargaining tool for closing costs." "Get the damn sewer line inspected! Basement sewer backups are the worst!" "I always look to see if the house is on septic. If it is, I go straight to the kitchen sink to see if it has a garbage disposal. If it does, you have to check the tank and disposal to make sure they were designed to work together. If they weren't, run away. The cost to replace the tank and drainage field is easily over $50,000." —metallicadmiral353 "Honestly, find out when the last time the water pipes were replaced in the neighborhood. This isn't something necessarily in the homeowner's control, but if it's been a while, it might be a good idea to pass. The pipes in my neighborhood hadn't been worked on in 30 years. In the past two years, almost everyone has had issues with burst pipes and flooding right on the edge of their properties. Eventually, the water company updated all the connections, but only after it became clear the leaks were on their end. Everyone with an issue had to pay a good chunk to get their pipes inspected, and some had to do expensive repairs on their houses." "Most issues are what a good home inspector looks for. What buyer is going to crawl up on the roof or know how to inspect a furnace? Get a good home inspection before you buy — it's worth every penny." "25-plus years and it boils down to a few rules: 1) DIY — not everyone should be allowed inside Home Depot. 2) You cannot smell the internet. See it in person. 3) There is more data than ever before to tell us about traffic, crime, and school districts. 4) If you can sit down in the house at the dining room table or on the sofa, and imagine yourself living there, and don't just walk through it like it's a museum — that's a good sign. 5) Everything can be fixed — it's just how many zeroes are on the check. You may be willing to waive inspections to be competitive, but understand that comes with consequences." —happywalrus955 "Speaking from personal experience, look out for a seller who likes to do DIY home improvements. Sure, those cabinets look OK, but you are in for a lifetime of problems! For example, the DIY kitchen cupboards we inherited all have awkward and poorly sealed gaps, which became the scene of a mouse and cockroach infestation. We had to rip it all apart to figure that out. I'm NEVER, ever buying a home from a DIY'er again! Almost 10 years later, and we still regularly find a new catastrophe caused by his DIY projects!" "DIY is fine — if the work was inspected by the county. If the county doesn't require permits for the work, then look closely. If major repairs or updates were done without permits, and something happens, it is completely possible that your insurance may not cover the issue. For instance, most places require a permit for pools. However, too many homeowners put in pools without required permits — meaning the fence, the electric, and the pool itself aren't approved. The seller then tries to say the pool was there when they bought the house. No. Don't buy it. That pool likely wasn't permitted. PVC pipes and electrical wires also have dates on them. Look under the sinks at the plumbing. Look in the basement. Ask if any new outlets or lights have been added — those need electrical permits. If your inspector doesn't check for that, your county just might — and make them get inspected. Ask what was missed." —icymagazine491 "I like to look up where the sun rises and sets, where are the cold winter winds going to come from — usually the northwest. And when it's raining hard, I want to see where the water goes. Are there any drains that aren't working well? What's going on with the gutters and downspouts?" "If you think about the age of the home, you should already know what to look for. What was common in that era? Always ask for utility bills." —realtorinpink "Monday-to-Friday neighborhood traffic is different than weekend traffic." "I always talk to the neighbors! And when someone is looking at a house near mine, I meet them if possible. Neighbors know things even real estate agents don't — like when major things were wrong and how people might be covering it up. They also know about stuff like traffic being rerouted through the neighborhood for a major tennis tournament every year. And let's be real: Neighbors also show you whether or not you think you can stand to live next to them." "Always check the basement ceiling for mold. It will probably be black. This stuff is deadly and extremely expensive to deal with. Do this especially if you see a de-humidifier in the basement." —deleted "Be extra thorough if the house used to be rented out. We bought a house that was rented out the year before we moved in, and it was RIDDLED WITH BEDBUGS. The inspector will not check for this. It cost us thousands." "In the US, make sure you know the utility options before you buy — especially the internet — because you rarely have a choice between two or more utilities. Make sure it's something you can tolerate." "For the love of god, check your cellphone signal in the house. I just moved into a new house, and I have one bar on the second floor — if I stand on a chair. It turns out there's only one cell tower to serve the surrounding neighborhood of more than 200 houses. And since it's next to a neighborhood of million-dollar homes, they can't get the approval to put in another one, so I'm shit out of luck." —Caliblair Realtors and experienced buyers, what red flags did we miss? Drop your insights in the comments or through this anonymous form below! Your tip could make it into a future post and help someone avoid a homebuying nightmare. Note: Some submissions have been edited for length/clarity.
Yahoo
18 hours ago
- Business
- Yahoo
Here's How Much You Must Make To Afford a Home in the South's Most Livable Cities
The southern United States offers numerous locales with high livability scores and relatively reasonably priced homes compared to the rest of the country. Minimum salaries needed to afford a home vary widely across the South, however, so prospective buyers should do their homework. Check Out: Learn More: To help you get started, GOBankingRates has compiled a list of the South's most livable cities, along with the minimum salary needed for homeownership in each. The list blends data from AreaVibes, Sperling's BestPlaces, the U.S. Census, the Bureau of Labor Statistics, Zillow and the Federal Reserve. Here's the full list, along with the median household income and some additional information about each location. Blacksburg, Virginia Livability score: 89 Salary needed (annual cost of living): $53,036 Median household income: $48,070 The home of Virginia Tech, Blacksburg is located in Montgomery County. Blacksburg's median income of $48,070 is the second lowest among AreaVibes' most livable cities, topping only Bowling Green, Kentucky (69th most livable with a median income of $46,719. The average value of a single-family home in Blacksburg is about $411,000. Also See: Find Out: Seminole, Florida Livability score: 89 Salary needed (annual cost of living): $56,053 Median household income: $77,335 You'll find the town of Seminole about 25 miles west of Tampa. Seminole is popular with the retired set – about a third of its 20,000 residents are age 65+. The average single-family home in Seminole is worth about $433,000. See More: Dr. Phillips, Florida Livability score: 89 Salary needed (annual cost of living): $66,369 Median household income: $101,540 Named after citrus industry pioneer Philip Phillips, the unincorporated Dr. Phillips neighborhood is a suburb of Orlando. The total cost of living in Dr. Phillips is $5,531 a month, and the average single-family home is worth $568,000. Springfield, Virginia Livability score: 89 Salary needed (annual cost of living): $78,732 Median household income: $123,69 Springfield is located about 15 miles southwest of Washington, D.C. Single-family homes in Springfield are worth more than $700,000. The cost of living comes in around $6,600 a month. Purcellville, Virginia Livability score: 89 Salary needed (annual cost of living): $90,222 Median household income: $162,981 The town of Purcellville is located in Loudon County, about 50 miles northwest of Washington D.C. Homes aren't cheap here, with average values approaching $900,000. Purcellville is also a relatively young town, with only 9% of its 9,000 residents age 65+. Explore More: Cary, North Carolina Livability score: 90 Salary needed (annual cost of living): $68,474 Median household income: $129,399 Cary is located just west of Raleigh, the state capital. Part of North Carolina's Research Triangle region, it has a population of about $177,000. An average single-family home in Cary is worth around $630,000. Lynchburg, Virginia Livability score: 91 Salary needed (annual cost of living): $40,621 Median household income: $59,808 You'll find Lynchburg in central Virginia, about two hours east of Richmond by car. Single-family homes in Lynchburg are worth about $250,000 on average. Lynchburg's average monthly cost of living (about $3,400) is among the lowest among AreaVibes' 100 most livable cities. Fort Thomas, Kentucky Livability score: 91 Salary needed (annual cost of living): $47,820 Median household income: $100,819 Fort Thomas is located near the Kentucky-Ohio border near Cincinnati. Compared to other locales in AreaVibes' most livable list, Fort Thomas offers relatively inexpensive single-family homes ($336,000 on average). The average monthly cost of living in Fort Thomas is just under $4,000. Discover More: Wilton Manors, Florida Livability score: 91 Salary needed (annual cost of living): $78,021 Median household income: $79,390 Part of the Miami metro area, Wilton Manors is located just north of Fort Lauderdale. Wilton Manors is a popular spot for retirees, with more than a quarter of its 11,000 residents age 65 and up. The average value of a single-family home here is $721,000. Bellevue, Kentucky Livability score: 92 Salary needed (annual cost of living): $40,277 Median household income: $67,143 You'll find Bellevue just east of Cincinnati, along the Kentucky-Ohio state line. In addition to its strong livability rating, Bellevue offers relatively inexpensive single-family homes ($230,000 on average) and monthly living costs ($3,356). Methodology: For this study, GOBankingRates analyzed cities across the United States with the highest livability scores, as sourced from AreaVibes. The 30 most livable cities in each state were identified. To qualify for this study, each city had to have all data points available and a total population of at least 5,000. All relevant data was sourced from the U.S. Census American Community Survey, Sperling's BestPlaces, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index and Federal Reserve Economic Data. All data was collected on and is up to date as of May 14, 2025. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on Here's How Much You Must Make To Afford a Home in the South's Most Livable Cities Sign in to access your portfolio
Yahoo
18 hours ago
- Business
- Yahoo
Mortgage and refinance interest rates today, July 19, 2025: Fixed mortgage rates see marginal changes
Today's mortgage interest rates have shifted slightly. According to Zillow, the 30-year fixed mortgage rate shifted up by one basis point, sitting at 6.72%. Meanwhile the 15-year fixed rate is up seven basis points to 5.97%. If you are looking to buy a house, it could be smart to lock in time to lock in an interest rate with a mortgage lender while mortgage rates are flat. Just make sure to choose one with a rate buydown option so if you lock in a rate now, you won't risk getting stuck with a higher rate in a few weeks. Rather, with a buydown program, you can re-lock your interest rate if market rates decrease before you buy the house. Read more: Looking for a lender with a rate buydown program? Check out Yahoo Finance's Pennymac mortgage review or TD Bank mortgage review. Today's mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.72% 20-year fixed: 6.52% 15-year fixed: 5.97% 5/1 ARM: 7.42% 7/1 ARM: 7.40% 30-year VA: 6.33% 15-year VA: 5.69% 5/1 VA: 6.49% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates Today's mortgage refinance rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.70% 20-year fixed: 6.60% 15-year fixed: 5.67% 5/1 ARM: 7.59% 7/1 ARM: 7.46% 30-year VA: 6.32% 15-year VA: 6.15% 5/1 VA: 6.43% 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. Refinance interest rates Up Next Up Next Free mortgage calculator 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. 30-year fixed mortgage rates: Pros and cons 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. 15-year fixed mortgage rates: Pros and cons 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 mortgage rates: Pros and cons 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 Is now a good time to buy a house? 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? Today's mortgage rates: FAQs What is a 30-year mortgage rate right now? According to Zillow, the national average 30-year mortgage rate is 6.72% right now. But keep in mind that mortgage rates vary by state and even ZIP codes. For example, if you're buying in a city with a high cost of living, rates could be higher. Are interest rates expected to go down? 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. Are mortgage rates dropping? Mortgage rates are dropping slightly. Today's 30-year fixed mortgage rate has only shifted down three basis points. How do I get the lowest refinance rate? 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
19 hours ago
- Business
- Yahoo
The Cheapest Place To Buy a Home in Every East Coast State
Dreaming of East Coast living without the sky-high real estate prices? From charming mountain view towns to quiet inland communities, not every corner of the East Coast comes with a luxury price tag. Whether you're looking for a starter home, a place to retire or just a more affordable ZIP code near the Atlantic, there are pockets of the region that are dirt cheap. See More: Find Out: Using data from Zillow Home Value Index (ZHVI) and the U.S. Census Bureau regarding population, GOBankingRates has put together a list of the most affordable towns to buy a home on the East Coast. Alabama Cheapest place: Selmont-West Selmont 2025 ZHVI: $31,951 Total population: 2,121 Situated near the Alabama River, Selmont-West Selmont is near the Edmund Pettus Bridge, a historical landmark where marches from Selma to Montgomery took place during the Civil Rights Movement. According to BestPlaces, it's nearly 30% lower than the national average to live and the typical home price is over 90% cheaper. Explore More: Find Out: Connecticut Cheapest place: Hartford 2025 ZHVI: $261,785 Total population: 119,970 Hartford, the state capital, offers a historical charm, a growing job market in the insurance industry and affordability. The cost of living is 4.8% higher than the national average, but 6.3% lower than Connecticut's average, per BestPlaces. Homes are 46.7% less expensive than the national average. Check Out: Delaware Cheapest place: Blades 2025 ZHVI: $235,753 Total population: 1,055 With its close proximity to Chesapeake Bay and the Atlantic Ocean, there's no shortage of things to do — golfing, hitting the beach, kayaking and more. The cost of living is 8.1% higher than the national average and 4.4% more than the state's average. However, housing is where you'll save; home prices are around 43% less expensive than the national average. Florida Cheapest place: Gretna 2025 ZHVI: $87,664 Total population: 1,405 Gretna is an idyllic small town where prices are reasonable. The cost of living is 16.3% lower than the national average, according to BestPlaces, and housing is cheap, too. Home prices are around 74% lower than the U.S. average. Georgia Cheapest place: Cuthbert 2025 ZHVI: $59,311 Total population: 3,045 Founded in the 1800s, Cuthbert is nestled near the Chattahoochee River, where you can enjoy canoeing, taking in the beautiful scenery or picnicking. According to BestPlaces, the cost of living is 34% lower than the national average and a home is 80% cheaper. Maine Cheapest place: Van Buren 2025 ZHVI: $103,455 Total population: 1,614 Van Buren is an idyllic and inviting small community that's located along the Saint John River. View More: Maryland Cheapest place: Kitzmiller 2025 ZHVI: $80,272 Total population: 192 Nestled in the Appalachian Mountains, Kitmiller is a quiet community that's surrounded by awe-inspiring landscapes and you can snag a home for 78% less than the national average. The cost of living is 16.5% lower than the national average. Massachusetts Cheapest place: North Adams 2025 ZHVI: $243,572 Total population: 12,660 From outdoor concerts, beer gardens and theater festivals, North Adams offers interesting things to do without a hefty price tag. According to BestPlaces, it's 4.1% cheaper than the national average to live in the small town and buying a home is 37% less than the national average. New Hampshire Cheapest place: Groveton 2025 ZHVI: $159,727 Total population: 871 Situated in the White Mountains area, Groveton is a unique community where you can hike, enjoy stunning views, zipline and hit the speedway if you want some action. The cost of living is 21.4% less than the national average and the typical home price is 52% cheaper. New Jersey Cheapest place: Camden 2025 ZHVI: $151,947 Total population: 71,471 From family-friendly attractions to historical sites, there's plenty to do in Camden without breaking the bank. The cost of living is 5.8% lower than the national average, and home prices are affordable, too — 55% lower than the national average. Also Discover: New York Cheapest place: Lyon Mountain 2025 ZHVI: $60,164 Total population: 240 Lyon Mountain is a scenic, rural community that has no shortage of breathtaking hikes and is very reasonably priced. The cost of living is 19% lower than the national average and 33% cheaper than New York's average, per BestPlaces. You can scoop up a cheap home for 83% lower than the national average. North Carolina Cheapest place: Roxobel 2025 ZHVI: $45,507 Total population: 347 Established in 1724, Roxobel is a tranquil area to live in for a reasonable price. According to BestPlaces, Roxobel is 26% cheaper to live than the national average. Pennsylvania Cheapest place: Girardville 2025 ZHVI: $41,732 Total population: 1,094 Girardville is tucked away from the hustle and bustle of big city life, but it still has everyday conveniences and inexpensive living. A house in Girardville is a steal — around 90% less expensive than the national average — and the overall cost of living is 22% cheaper. Rhode Island Cheapest place: Central Falls 2025 ZHVI: $393,251 Total population: 22,481 Whether you love historical walking tours, relaxing riverboat adventures or fun community events, there's something for everyone to enjoy in Central Falls. While cost of living is 8.8% higher than the national average, it's 3.3% cheaper than the state average, per BestPlaces. Find More: South Carolina Cheapest place: Wagener 2025 ZHVI: $46,191 Total population: 1,170 Wagener is a lively, welcoming town with a close-knit community where locals always show up to support one another. Another perk is the cost of living, which is 15% less than the national average. Vermont Cheapest place: Orleans 2025 ZHVI: $158,790 Total population: 848 Known for its stunning beauty and quaint vibe, Orleans costs 12% less than the national average and 13% less than Vermont's average. Virginia Cheapest place: Appalachia 2025 ZHVI: $48,574 Total population: 1,612 Appalachia is located near the Appalachian Mountains and the small town once was a booming coal mining area. Now, it's where people can enjoy a serene lifestyle at affordable prices. The cost of living is 30% lower than the national average. West Virginia Cheapest place: War 2025 ZHVI: $31,962 Total population: 593 War is a budget-friendly town named after War Creek, which runs through the area. The cost of living is 30% cheaper than the national average, and houses are a steal. Editor's note: Photos are for representational purposes only and might not reflect the exact locations listed. Methodology: To find the cheapest place to buy a home in every state, GOBankingRates analyzed every state to find the cities with the cheapest median home values, as sourced from Zillow Home Value Index. For each city, the total population was sourced from the U.S. Census American Consumer Survey as supplemental data. All data was collected on and is up to date as of May 27, 2025. More From GOBankingRates Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on The Cheapest Place To Buy a Home in Every East Coast State
Yahoo
20 hours ago
- Business
- Yahoo
Mortgage and refinance interest rates today, July 19, 2025: Fixed mortgage rates see marginal changes
Today's mortgage interest rates have shifted slightly. According to Zillow, the 30-year fixed mortgage rate shifted up by one basis point, sitting at 6.72%. Meanwhile the 15-year fixed rate is up seven basis points to 5.97%. If you are looking to buy a house, it could be smart to lock in time to lock in an interest rate with a mortgage lender while mortgage rates are flat. Just make sure to choose one with a rate buydown option so if you lock in a rate now, you won't risk getting stuck with a higher rate in a few weeks. Rather, with a buydown program, you can re-lock your interest rate if market rates decrease before you buy the house. Read more: Looking for a lender with a rate buydown program? Check out Yahoo Finance's Pennymac mortgage review or TD Bank mortgage review. Today's mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.72% 20-year fixed: 6.52% 15-year fixed: 5.97% 5/1 ARM: 7.42% 7/1 ARM: 7.40% 30-year VA: 6.33% 15-year VA: 5.69% 5/1 VA: 6.49% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates Today's mortgage refinance rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.70% 20-year fixed: 6.60% 15-year fixed: 5.67% 5/1 ARM: 7.59% 7/1 ARM: 7.46% 30-year VA: 6.32% 15-year VA: 6.15% 5/1 VA: 6.43% 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. Refinance interest rates Up Next Up Next Free mortgage calculator 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. 30-year fixed mortgage rates: Pros and cons 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. 15-year fixed mortgage rates: Pros and cons 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 mortgage rates: Pros and cons 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 Is now a good time to buy a house? 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? Today's mortgage rates: FAQs What is a 30-year mortgage rate right now? According to Zillow, the national average 30-year mortgage rate is 6.72% right now. But keep in mind that mortgage rates vary by state and even ZIP codes. For example, if you're buying in a city with a high cost of living, rates could be higher. Are interest rates expected to go down? 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. Are mortgage rates dropping? Mortgage rates are dropping slightly. Today's 30-year fixed mortgage rate has only shifted down three basis points. How do I get the lowest refinance rate? 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.
