Mortgage rates increased across most term lengths today, according to new data from Zillow. The average 30-year fixed mortgage rate rose by nine basis points to 6.70%, while the 15-year fixed rate climbed five basis points to 5.95%. Adjustable rates also moved higher, with the 5/1 ARM jumping 15 basis points to 6.88%.
The Federal Reserve is meeting this week, but analysts say a rate cut is highly unlikely. The CME FedWatch tool places the odds of a Fed rate hold at around 97%, meaning mortgage rates are unlikely to fall significantly soon. Homebuyers considering waiting for a big drop in rates may want to rethink that strategy.
Today’s mortgage rates
Here’s where average mortgage rates stand today, based on Zillow’s latest survey:
- 30-year fixed: 6.70%
- 20-year fixed: 6.28%
- 15-year fixed: 5.95%
- 5/1 ARM: 6.88%
- 7/1 ARM: 7.13%
- 30-year VA: 6.24%
- 15-year VA: 5.66%
- 5/1 VA: 6.32%
These rates are national averages rounded to the nearest hundredth.
RELATED: What were mortgage rates last week?
Today’s refinance rates
Mortgage refinance rates also saw an increase today:
- 30-year fixed refinance: 6.75%
- 20-year fixed refinance: 6.49%
- 15-year fixed refinance: 6.08%
- 5/1 ARM refinance: 7.37%
- 7/1 ARM refinance: 7.47%
- 30-year VA refinance: 6.33%
- 15-year VA refinance: 6.07%
- 5/1 VA refinance: 6.43%
Refinance rates tend to run slightly higher than purchase rates.
30-year mortgage rates today
Today’s average 30-year mortgage rate is 6.70%. This remains the most popular mortgage option for U.S. buyers, thanks to its lower monthly payments compared to shorter terms.
For example, a $300,000 mortgage at a 6.70% rate would cost about $1,936 per month in principal and interest, with total interest payments around $396,900 over the life of the loan.
15-year mortgage rates today
The average 15-year mortgage rate today is 5.95%. A 15-year term comes with higher monthly payments but saves borrowers significantly in interest over time.
On a $300,000 loan at a 5.95% rate, the monthly principal and interest payment would be about $2,523, with total interest costs near $154,225.
Adjustable mortgage rates
Adjustable-rate mortgages (ARMs) are structured with an initial fixed period, after which the rate adjusts periodically. A 5/1 ARM, for example, locks the rate for five years before annual adjustments.
Although ARMs often start with lower rates than fixed mortgages, today’s 5/1 ARM average at 6.88% is close to, or even higher than, many fixed options. Buyers considering an ARM should factor in how long they plan to stay in the home.
How to get a lower mortgage rate
Borrowers can access lower mortgage rates by:
- Improving credit scores
- Increasing their down payment
- Reducing overall debt-to-income ratios
- Shopping around for multiple loan offers
Discount points can also help lower the rate permanently. Temporary buydowns, such as 2-1 buydowns, offer initial savings but require careful cost-benefit analysis.
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