Today’s 30-year fixed mortgage rate is relatively low at 6.48%. According to Zillow data, this is the second time this week that the rate has fallen below 6.5%, putting it at its lowest since April 2025.

with rates dropping, more home buyers are applying for mortgage loans. According to the Mortgage Bankers Association,mortgage applications are up by 3.1% since last week. If you’re looking to buy a house soon, it might very well be a good time for you to lock in a mortgage rate.

Dig deeper: When will mortgage rates go down to 5%?

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

• 30-year fixed: 6.48%

• 20-year fixed: 6.14%

• 15-year fixed: 5.70%

• 5/1 ARM: 6.78%

• 7/1 ARM: 6.79%

• 30-year VA: 6.07%

• 15-year VA: 5.39%

Mortgage Calculator

Use the mortgage calculator below to see how various mortgage rates will impact your monthly payments.

The free Yahoo Finance mortgage payment calculator goes even deeper by including factors like homeowners insurance and property taxes in your calculation. You can even add private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be.

A mortgage interest rate is a fee for borrowing money from your lender,expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates.

A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will stay at 6% for the entire 30 years. (Unless you refinance or sell the home.)

An adjustable-rate mortgage keeps your rate the same for the first few years, than changes it periodically. let’s say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years and then the rate would increase or decrease once per year for the last 25 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and U.S. housing market.

At the beginning of your mortgage term, most of your monthly payment goes toward interest. As time passes, less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.

dig deeper: Adjustable-rate vs.fixed-rate mortgage – Which should you choose?

Two categories determine mortgage rates: ones you can control and ones you cannot control.