Mortgage rates are trending down today compared to yesterday, according to the Zillow lender marketplace. The benchmark 30-year fixed-rate purchase loan fell 2 basis points to 6.34%, while the 15-year fixed dropped 7 basis points to 5.76%.

Current National Average Rates

The tables below show today’s national averages, rounded to the nearest hundredth.

Purchase vs. Refinance Rates

VA Loan Rates

• 30-Year VA: 5.77% (Purchase) | 5.73% (Refi)
• 15-Year VA: 5.43% (Purchase) | 5.43% (Refi)
• 5/1 VA ARM: 5.72% (Purchase) | 5.58% (Refi)

Note: Averages vary depending on your location, credit profile, and local cost of living. Refinance rates are typically higher than purchase rates, though today’s 30-year fixed bucked that trend.

Choosing the Right Loan Type

1. 30-Year Fixed Mortgage

• The Pros: Lower, highly predictable monthly payments because the debt is spread over three decades. Your rate will never change.
• The Cons: Higher interest rates compared to short-term loans, meaning you will pay significantly more total interest over the life of the loan.

2. 15-Year Fixed Mortgage

• The Pros: Much lower interest rates and a timeline that builds home equity twice as fast, saving you six figures in lifetime interest.
• The Cons: Much higher monthly payments because you are compressing the principal repayment into half the time.

3. Adjustable-Rate Mortgages (ARMs)

• How it works: Locks in a fixed rate for an initial period (e.g., 5 years for a 5/1 ARM), then adjusts annually based on market conditions.
• Current Anomaly: ARMs usually offer lower intro rates than fixed loans. However, current Zillow data shows the 5/1 ARM (6.23%) is barely cheaper than the 30-year fixed (6.34%).
• Best for: Buyers who plan to sell or refinance before the introductory fixed period expires.

Today’s Mortgage FAQs

Are mortgage rates dropping?

Yes. Rates edged downward today. The 30-year fixed purchase rate fell by 2 basis points, the 15-year fixed fell by 7 basis points, and the 5/1 ARM dropped by 8 basis points.

How do I secure the lowest possible refinance rate?

Focus on improving your credit score and lowering your debt-to-income (DTI) ratio before applying. Additionally, switching to a shorter term (like a 15-year fixed) will yield a lower interest rate if your budget can handle the larger monthly payment.

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