mortgage interest rates are mixed this weekend following Wednesday’s Fed rate cut. According to Zillow, the 30-year fixed mortgage rate is down slightly to 6.32%, and the 15-year rate is up a bit to 5.70%.
“As we look at future movement from the Fed, we’re back to relying on the key data, and if mortgage rates are going to move meaningfully lower from here, we’ll need softer labor market data or more convincing signs that inflation is under control to help push 10-year yields lower,” Jeff dergurahian, loanDepot’s head economist, said in an analysis.
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Here are the current mortgage rates, according to the latest Zillow data:
* 30-year fixed: 6.32%
* 20-year fixed: 5.86%
* 15-year fixed: 5.70%
* 5/1 ARM: 6.84%
* 7/1 ARM: 6.92%
* 30-year VA: 5.83%
Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments.
Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest.
The average 30-year mortgage rate today is 6.32%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan.
The average 15-year mortgage rate is 5.70% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals.
A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run as you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time.
Let’s say you get a $300,000 mortgage. With a 30-year term and a 6.32% rate, your monthly payment toward the principal and interest would be about $2,481 and you’d pay $493,199 in interest over the life of your loan – on top of that original $300,000.
If you get that same $300,000 mortgage with a 15-year term and a 5.70% rate, your monthly payment would jump to $3,311. But you’d only pay $195,969 in interest over the years.