Mortgage rates continue to increase. According to Zillow, the current 30-year fixed mortgage rate and 15-year fixed interest rate have each risen by 10 basis points to 6.64% and 5.98%, respectively.

Rates probably won't significantly decrease by the end of 2024, and the outlook for 2025 is murky. Today could be a relatively good time to buy a house because competition drops around the holidays, and waiting for lower rates might not be worth it. But it may not be the best time to refinance your mortgage, especially if your primary reason for doing so is to lock in a better rate. Most homeowners looking to refinance should probably hold off for now.

Dig deeper: When will mortgage rates go down? A look at 2024 and 2025.

Mortgage rates today

Here are the current mortgage rates, according to the latest Zillow data:

• 30-year fixed: 6.64%

• 20-year fixed: 6.54%

• 15-year fixed: 5.98%

• 5/1 ARM: 7.27%

• 7/1 ARM: 7.21%

• 30-year VA: 5.99%

• 15-year VA: 5.49%

• 5/1 VA: 6.25%

• 30-year FHA: 5.70%

• 15-year FHA: 5.69%

• 5/1 FHA: 4.88%

Remember, these are the national averages and rounded to the nearest hundredth.

Read more: How are mortgage rates determined?

Refinance rates today

These are the current mortgage refinance rates, according to the latest Zillow data:

• 30-year fixed: 6.69%

• 20-year fixed: 6.40%

• 15-year fixed: 6.03%

• 5/1 ARM: 7.67%

• 7/1 ARM: 7.35%

• 30-year VA: 6.05%

• 15-year VA: 5.65%

• 5/1 VA: 5.58%

Again, the numbers provided are national averages rounded to the nearest hundredth. Although it's not always the case, mortgage refinance rates tend to be a little higher than purchase rates.

Mortgage payment calculator

A mortgage calculator can help you see how different mortgage term lengths and interest rates will impact your monthly payments. Use the free Yahoo Finance mortgage calculator to play around with different outcomes.

Our calculator also considers factors like property taxes and homeowners insurance when estimating your monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.

30-year mortgage rates today

Today’s average 30-year mortgage rate is 6.64%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is relatively low.

If you had a $300,000 mortgage with a 30-year term and a 6.64% rate, your monthly payment toward the principal and interest would be about $1,924, and you’d pay $392,607 in interest over the life of your loan — on top of that original $300,000.

15-year mortgage rates today

The average 15-year mortgage rate is 5.98% today. Several factors must be considered when deciding between a 15-year and 30-year mortgage.

A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to compound.

However, because you’re squeezing the same debt payoff into half the time, your monthly payments will be higher.

If you get that same $300,000 mortgage but with a 15-year term and 5.98% rate, your monthly payment would jump up to $2,528 — but you’d only pay $155,099 in interest over the years.

Dig deeper: How much house can I afford?

Adjustable mortgage rates

With an adjustable-rate mortgage, your rate is locked in for a set period of time and then increases or decreases periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years, then changes every year.

Adjustable rates usually start lower than fixed rates, but you run the risk that your rate goes up once the introductory rate-lock period is over. But an ARM could be a good fit if you plan to sell the home before your rate-lock period ends — that way, you pay a lower rate without worrying about it rising later.

ARM rates have also been higher than fixed rates lately. Before dedicating yourself to a fixed or adjustable mortgage rate, be sure to shop around for the best lenders and rates. Some will offer more competitive adjustable rates than others.

How to get a low mortgage rate

Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, excellent credit scores, and low debt-to-income ratios. So if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes.

You can also buy down your interest rate permanently by paying for discount points at closing. A temporary interest rate buydown is also an option — for example, maybe you get a 6% rate with a 2-1 buydown. Your rate would start at 4% for year one, increase to 5% for year two, then settle in at 6% for the remainder of your term.

Just consider whether these buydowns are worth the extra money at closing. Ask yourself whether you’ll stay in the home long enough that the amount you save with a lower rate offsets the cost of buying down your rate before making your decision.

Learn more: How to get the lowest mortgage rates

Mortgage rates today: FAQs

What are interest rates today?

Here are interest rates for the most popular mortgage terms: According to Zillow data, the national average 30-year fixed rate is 6.64%, the 15-year fixed rate is 5.98%, and the 5/1 ARM rate is 7.27%.

What is a normal mortgage rate right now?

A normal mortgage rate on a 30-year fixed loan is 6.64%. However, keep in mind that's the national average based on Zillow data. The average might be higher or lower depending on where you live in the U.S.

Will mortgage rates drop down?

Mortgage rates probably won't decrease before the end of 2024 — at least not significantly.