Mortgage rates remained largely unchanged today, with minor shifts that barely affected borrowers. According to Zillow, the 30-year fixed mortgage rate ticked up by just 0.01% to 6.53%, while the 15-year fixed rate edged down a single basis point to 5.69%.
Even with rates mostly steady, now may be a good time to consider locking in a mortgage rate if you’re planning a purchase or refinance.
Current National Mortgage Rates (Purchase)
- 30-year fixed: 6.53%
- 20-year fixed: 6.24%
- 15-year fixed: 5.69%
- 5/1 ARM: 6.84%
- 7/1 ARM: 6.81%
- 30-year VA: 6.07%
- 15-year VA: 5.53%
- 5/1 VA: 6.05%
These are national averages, rounded to the nearest hundredth. Local rates may vary.
Current National Refinance Rates
- 30-year fixed: 6.59%
- 20-year fixed: 6.23%
- 15-year fixed: 5.89%
- 5/1 ARM: 7.19%
- 7/1 ARM: 6.70%
- 30-year VA: 6.04%
- 15-year VA: 5.54%
- 5/1 VA: 5.75%
Refinance rates tend to be slightly higher than purchase rates.
30-Year vs. 15-Year Mortgages
Shorter-term loans usually carry lower interest rates but higher monthly payments.
Example:
- $400,000, 30-year fixed at 6.53% → ~$2,530/month, ~$513,000 total interest
- $400,000, 15-year fixed at 5.69% → ~$3,300/month, ~$195,585 total interest
If the 15-year payment is too steep, making extra payments on a 30-year mortgage can also reduce interest over time.
Fixed vs. Adjustable-Rate Mortgages (ARMs)
- Fixed-rate mortgages: Interest rate stays the same for the life of the loan.
- Adjustable-rate mortgages: Rate is fixed for an initial period, then adjusts annually.
Example: A 7/1 ARM locks the rate for 7 years, then adjusts yearly. ARMs can start lower than fixed rates, but recent trends have seen ARM rates sometimes higher than fixed rates.
What’s Next for Mortgage Rates?
Economists expect little change before the end of 2025. Mortgage rates generally follow the Federal Reserve’s actions:
- In 2024, rates fell leading up to a September Fed rate cut but mostly rose or stayed stable afterward.
- In 2025, the Fed has not yet cut rates at any meeting, including July 30.
- CME FedWatch predicts an 83% chance of a rate cut at the September meeting.
Even if the Fed reduces rates, mortgage rates may not drop immediately. Unexpected inflation or financial disruptions could also influence rate trends. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.
FAQs:
Q: What is today’s 30-year fixed rate?
A: 6.53% for home purchases, 6.59% for refinancing (national average).
Q: Will mortgage rates drop soon?
A: Rates are likely to stay stable through the end of 2025. A Fed rate cut could help, but other factors may offset decreases.
Q: What about 2026?
A: Mortgage rates could ease slightly, depending on inflation, economic growth, and Federal Reserve policy.