A long stretch of stability

Mortgage rates have sustained a long stretch of stability. According to Zillow, the average 30-year fixed rate is 6.01%, down three basis points. Meanwhile, the 15-year fixed home loan rate is up four basis points to 5.45%. These small moves in either direction have been the norm for many weeks.

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

30-year fixed: 6.01%

20-year fixed: 5.97%

15-year fixed: 5.45%

5/1 ARM: 6.08%

7/1 ARM: 6.04%

30-year VA: 5.60%

15-year VA: 5.09%

5/1 VA: 5.25%

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

Learn about how mortgage rates are determined.

These are today’s mortgage refinance rates, according to the latest Zillow data:

30-year fixed: 6.09%

20-year fixed: 5.82%

15-year fixed: 5.54%

5/1 ARM: 6.15%

7/1 ARM: 6.16%

30-year VA: 5.62%

15-year VA: 5.31%

5/1 VA: 5.55%

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 various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things.

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders. 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 of 30-year fixed mortgage rates is the mortgage interest, both in the short and long term.

A 30-year fixed-term loan comes with a higher rate than a shorter fixed-term loan. 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 essentially swapped with those of 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.

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 reflect this, though — fixed rates are actually lower, according to Zillow data. 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.

The national average 30-year mortgage rate is 6.01% right now, according to Zillow. 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.

Economists don’t expect drastic mortgage rate drops before the end of 2026. Even with the last cut to the federal funds rate in December, mortgage rates continue to hover within a range — barely moving since mid-October.

Recently, mortgage rates have been stuck in a rut — but there was a general move lower over the past couple of months. According to Freddie Mac data, 30-year mortgage rates remain about a half-point below where they were one year ago.

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.