Compare 30-year and 15-year rates and payments

Mortgage rates have fluctuated over the past few days but remain at their lowest point in over a year. According to Zillow, the average 30-year fixed mortgage rate is 6.15%, while the 15-year fixed rate is 5.57%.

With rates so favorable, now could be a good time to buy a house.

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

30-year fixed: 6.15%

20-year fixed: 5.97%

15-year fixed: 5.57%

5/1 ARM: 6.38%

7/1 ARM: 6.45%

30-year VA: 5.69%

15-year VA: 5.25%

5/1 VA: 5.70%

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

Here are 8 strategies for getting the lowest mortgage rates.

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

30-year fixed: 6.27%

20-year fixed: 6.29%

15-year fixed: 5.75%

5/1 ARM: 6.46%

7/1 ARM: 6.87%

30-year VA: 5.75%

15-year VA: 5.62%

5/1 VA: 5.48%

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.

MORE: Read about the best mortgage refinance lenders right now.

You can use the free Yahoo Finance mortgage calculator to play around with how different terms and rates will affect your monthly payment. Our calculator 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.

But if you want a quick, simple way to see how today’s rates would impact your monthly mortgage payment, try out the calculator below:

Today’s average 30-year mortgage rate is 6.15%. 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 6.15% rate, your monthly payment toward the principal and interest would be about $1,828, and you’d pay $357,966 in interest over the life of your loan — on top of that original $300,000.

The average 15-year mortgage rate is 5.57% 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, your monthly payments will be higher because you’re squeezing the same debt payoff into half the time.

If you get that same $300,000 mortgage with a 15-year term and a 5.57% rate, your monthly payment would jump to $2,462. But you’d only pay $143,233 in interest over the years.

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.

Lately, ARM rates have occasionally been similar to or higher than fixed rates. 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.

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 6.25% rate with a 2-1 buydown. Your rate would start at 4.25% for year one, increase to 5.25% for year two, then settle in at 6.25% for the remainder of your term.

Just consider whether these buydowns are worth the extra money at closing. Ask yourself if 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.

Here are interest rates for some of the most popular mortgage terms: According to Zillow data, the national average 30-year fixed rate is 6.15%, the 15-year fixed rate is 5.57%, and the 5/1 ARM rate is 6.38%.

A normal mortgage rate on a 30-year fixed loan is 6.15%. 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.

Mortgage rates are not expected to drop significantly before the end of the year, as economists continue to monitor the government shutdown, inflation, tariffs, and the Federal Reserve’s actions.