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Tag: fixed-rate mortgage

  • Mortgage and refinance interest rates today, February 13, 2026: Low rates and new home discounts entice buyers

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    Mortgage rates slid a bit lower for the week. According to Freddie Mac, the average 30-year fixed rate fell two basis points to 6.09%. That’s a slim three basis points above the three-year low of 6.06%. The 15-year fixed-rate fell six basis points to 5.44%.

    Discounts on new homes have outpaced the resale market “for the first time in recent history,” Realtor.com reported Thursday. Prices were cut on nearly one in five new homes in late 2025.

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

    • 30-year fixed: 5.88%

    • 20-year fixed: 5.73%

    • 15-year fixed: 5.44%

    • 5/1 ARM: 6.08%

    • 7/1 ARM: 5.84%

    • 30-year VA: 5.52%

    • 15-year VA: 5.11%

    • 5/1 VA: 5.08%

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

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

    • 30-year fixed: 6.00%

    • 20-year fixed: 5.86%

    • 15-year fixed: 5.48%

    • 5/1 ARM: 6.15%

    • 7/1 ARM: 6.18%

    • 30-year VA: 5.44%

    • 15-year VA: 5.15%

    • 5/1 VA: 5.03%

    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.

    Dig deeper into the 7 home refinance options.

    Your mortgage rate plays a large role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate, and term length will impact your monthly payments:

    You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders.

    A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose from two types of rates: fixed or adjustable.

    A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you obtain a 30-year mortgage with a 6% interest rate, your rate will remain at 6% for the entire 30-year term unless you refinance or sell.

    An adjustable-rate mortgage locks in your rate for a predetermined period and then adjusts it periodically. Let’s say you get a 7/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and housing market.

    At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage principal and interest stays the same throughout the years — however, less and less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.

    A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rate will be higher than if you choose a shorter term, and you will pay significantly more in interest over the years.

    You may want to consider a 15-year fixed-rate mortgage if you aim to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you’re cutting your repayment time in half, you’ll save a lot in interest in the long run. But you’ll need to be sure you can comfortably afford the higher monthly payments that come with 15-year terms.

    Typically, an adjustable-rate mortgage could be good if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, then your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have similar to (or even higher than) 30-year fixed rates recently. Before getting an ARM just for a lower rate, compare your rate options from term to term and lender to lender.

    Mortgage rates have generally fallen since the end of last May, and home loan rates are just above three-year lows, according to Freddie Mac.

    Economists don’t expect drastic mortgage rate declines through the end of 2026. Even with the most recent rate pause of the federal funds rate, mortgage rates continue to hover in the low-6% range.

    According to Freddie Mac, the national average 30-year mortgage fell by two basis points to 6.09% for the week, while the average 15-year mortgage rate dropped by six basis point to 5.44%.

    According to its January forecast, the Mortgage Bankers Association expects the 30-year mortgage rate to be near 6.1% through 2026. Fannie Mae also predicts a 30-year rate near 6% through next year.

    Mortgage rates are likely to remain little changed in 2027. The MBA predicts 30-year fixed rates of 6.2% to 6.3% in 2027. Fannie Mae predicts average rates near 6% for the full year of 2027.

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  • Mortgage and refinance interest rates today, September 28, 2025: Adjustable rates are falling

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    Today’s mortgage rates have shifted in different directions, depending on their term. According to Zillow, the 30-year fixed mortgage rate is up slightly to 6.47%, and the 15-year fixed rate has ticked down to 5.66%.

    However, the rate on the 5/1 adjustable-rate mortgage (ARM) has decreased for the third day in a row. It could be a good time to get an ARM because they usually start out with lower rates than what you’ll get with a fixed-rate mortgage. If you plan to sell your house before the intro-rate period ends, you can enjoy lower rates until then. And who knows — by the time your rate changes in a few years, market rates could be lower.

    Dig deeper: The best mortgage lenders for first-time home buyers

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

    • 30-year fixed: 6.47%

    • 20-year fixed: 6.10%

    • 15-year fixed: 5.66%

    • 5/1 ARM: 6.66%

    • 7/1 ARM: 6.88%

    • 30-year VA: 5.89%

    • 15-year VA: 5.59%

    • 5/1 VA: 5.32%

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

    Learn more: 8 strategies for getting the lowest mortgage rates

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

    • 30-year fixed: 6.55%

    • 20-year fixed: 6.25%

    • 15-year fixed: 5.83%

    • 5/1 ARM: 6.91%

    • 7/1 ARM: 7.54%

    • 30-year VA: 6.16%

    • 15-year VA: 6.05%

    • 5/1 VA: 5.82%

    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.

    Read more: Is now a good time to refinance your mortgage?

    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 6.47%. 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 5.66% 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 because 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 6.47% rate, your monthly payment toward the principal and interest would be about $1,890, and you’d pay $380,504 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 5.66% rate, your monthly payment would jump to $2,477. But you’d only pay $145,823 in interest over the years.

    With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though.

    An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. Then, the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term.

    Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it’s possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other.

    Dig deeper: Fixed-rate vs. adjustable-rate mortgages

    Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or 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.

    Waiting for rates to drop probably isn’t the best method to get the lowest mortgage rate right now. If you’re ready to buy, focusing on your personal finances is probably the best way to lower your rate.

    To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score.

    When choosing a lender, don’t just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders.

    Learn more: 6 tips for choosing a mortgage lender

    According to Zillow, the national average 30-year mortgage rate for purchasing a home is 6.47%, and the average 15-year mortgage rate is 5.66%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas.

    The average 30-year fixed mortgage rate is 6.47% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI).

    Mortgage rates aren’t expected to drop drastically in the near future, though they might inch down here and there.

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