No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Wednesday, October 29, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

Lower rates are encouraging for home buyers

by TheAdviserMagazine
5 months ago
in Business
Reading Time: 4 mins read
A A
Lower rates are encouraging for home buyers
Share on FacebookShare on TwitterShare on LInkedIn


Mortgage rates have decreased today. According to Zillow, the average 30-year fixed interest rate is down eight basis points to 6.77%, and the 15-year fixed rate has declined by 10 basis points to 6.03%.

Falling rates are encouraging — and there are other ways to secure a lower mortgage rate too. Apply for preapproval with three or four mortgage lenders to compare their interest rates and fees to make sure you’re getting the best deal. You can also pay for discount points at closing to lock in a lower long-term mortgage rate. Discuss your options with the mortgage lenders you’re considering.

Dig deeper: 6 steps to choosing the right mortgage lender

Have questions about buying, owning, or selling a house? Submit your question to Yahoo’s panel of Realtors using this Google form.

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

30-year fixed: 6.77%

20-year fixed: 6.25%

15-year fixed: 6.03%

5/1 ARM: 7.08%

7/1 ARM: 7.40%

30-year VA: 6.31%

15-year VA: 5.64%

5/1 VA: 6.29%

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

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

30-year fixed: 6.97%

20-year fixed: 6.64%

15-year fixed: 6.25%

5/1 ARM: 7.56%

7/1 ARM: 7.51%

30-year VA: 6.47%

15-year VA: 6.17%

5/1 VA: 6.37%

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 6.77%. 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 6.03% 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 6.77% rate, your monthly payment toward the principal and interest would be about $1,950, and you’d pay $401,922 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 6.03% rate, your monthly payment would jump to $2,536. But you’d only pay $156,558 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: Best mortgage lenders for first-time home buyers

According to Zillow, the national average 30-year mortgage rate is 6.77%, and the average 15-year mortgage rate is 6.03%. 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 6.77% 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 may inch down here and there.



Source link

Tags: BuyersencouragingHomerates
ShareTweetShare
Previous Post

Which One Should You Choose?

Next Post

Gen Zers are missing out on hundreds of thousands in free money by ignoring this company policy

Related Posts

edit post
Mastercard poised to acquire crypto startup Zerohash for nearly  billion, sources say

Mastercard poised to acquire crypto startup Zerohash for nearly $2 billion, sources say

by TheAdviserMagazine
October 29, 2025
0

Mastercard has its sights on another crypto company. The payments goliath is said to be in late-stage talks to acquire...

edit post
Yunus fears attempts to thwart planned Bangladesh polls

Yunus fears attempts to thwart planned Bangladesh polls

by TheAdviserMagazine
October 29, 2025
0

Bangladesh's interim government chief Muhammad Yunus on Wednesday said he feared forces "from home and abroad" to thwart planned general...

edit post
Coca-Cola Stock Is Already A Great Income Stock. Here’s How To Make It Better.

Coca-Cola Stock Is Already A Great Income Stock. Here’s How To Make It Better.

by TheAdviserMagazine
October 29, 2025
0

Coca-Cola (KO) is a resilient, dividend-paying consumer staples giant with a global footprint and strong brand loyalty. There's a reason...

edit post
Israeli web security co Reflectiz raises m

Israeli web security co Reflectiz raises $22m

by TheAdviserMagazine
October 29, 2025
0

Israeli web exposure management platform Reflectiz today announced the completion of a $22 million Series B financing round led...

edit post
Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

by TheAdviserMagazine
October 29, 2025
0

Business services provider Quess Corp on Wednesday, reported its September quarter (Q2FY26 ) results, with revenue rising 3% year on...

edit post
Flex signals at least 35% data center revenue growth for FY26 as AI-driven demand accelerates (NASDAQ:FLEX)

Flex signals at least 35% data center revenue growth for FY26 as AI-driven demand accelerates (NASDAQ:FLEX)

by TheAdviserMagazine
October 29, 2025
0

Seeking Alpha's Disclaimer: The earnings call insights are compilations of earnings call transcripts and other content available on the Seeking...

Next Post
edit post
Gen Zers are missing out on hundreds of thousands in free money by ignoring this company policy

Gen Zers are missing out on hundreds of thousands in free money by ignoring this company policy

edit post
The Sunday Morning Movie Presents: Life Is Sweet (1990) Run Time: 1H 43M

The Sunday Morning Movie Presents: Life Is Sweet (1990) Run Time: 1H 43M

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Another Violent Outburst – Democrats Inciting Civil Unrest

Another Violent Outburst – Democrats Inciting Civil Unrest

October 24, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Analyst Says Salesforce (CRM) Core Business ‘Not Doing Well’ – Company ‘Suffered’ Due to Early AI Launch

Analyst Says Salesforce (CRM) Core Business ‘Not Doing Well’ – Company ‘Suffered’ Due to Early AI Launch

0
edit post
What Every Investor Needs to Know

What Every Investor Needs to Know

0
edit post
What It Means for Your Disability Benefits – Disability Attorneys of Michigan

What It Means for Your Disability Benefits – Disability Attorneys of Michigan

0
edit post
Ice Barbie Kristi Noem on the Bleeding Edge of Trump Era Conflict

Ice Barbie Kristi Noem on the Bleeding Edge of Trump Era Conflict

0
edit post
2026 ACA open enrollment period preview

2026 ACA open enrollment period preview

0
edit post
LawNext: Clio CEO Jack Newton on Its New ‘Intelligent Legal Work Platform’ and A New Era Of AI-Driven Legal Work

LawNext: Clio CEO Jack Newton on Its New ‘Intelligent Legal Work Platform’ and A New Era Of AI-Driven Legal Work

0
edit post
Japan’s Biggest Card Firm Joins The Network

Japan’s Biggest Card Firm Joins The Network

October 29, 2025
edit post
Why Nearly Half of Gen Z Now Buys Secondhand Monthly to Beat Inflation

Why Nearly Half of Gen Z Now Buys Secondhand Monthly to Beat Inflation

October 29, 2025
edit post
Mastercard poised to acquire crypto startup Zerohash for nearly  billion, sources say

Mastercard poised to acquire crypto startup Zerohash for nearly $2 billion, sources say

October 29, 2025
edit post
Yunus fears attempts to thwart planned Bangladesh polls

Yunus fears attempts to thwart planned Bangladesh polls

October 29, 2025
edit post
What Every Investor Needs to Know

What Every Investor Needs to Know

October 29, 2025
edit post
Ice Barbie Kristi Noem on the Bleeding Edge of Trump Era Conflict

Ice Barbie Kristi Noem on the Bleeding Edge of Trump Era Conflict

October 29, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Japan’s Biggest Card Firm Joins The Network
  • Why Nearly Half of Gen Z Now Buys Secondhand Monthly to Beat Inflation
  • Mastercard poised to acquire crypto startup Zerohash for nearly $2 billion, sources say
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.