So close to sparking a wave of refinancing

Current 30-year fixed mortgage interest rate according to Zillow data 6.09%. That’s the lowest rate in more than a year and is so close to the magic 6% level that it recently sparked a wave of refinancings.

According to the latest Zillow data, current mortgage rates are as follows:

• 30 year fixed: 6.09%

• 20 year fixed: 5.75%

• 15 year fixed: 5.44%

• 5/1 ARM: 6.22%

• 7/1 ARM: 6.53%

• 30 years VA: 5.58%

• 15 years VA: 5.01%

• 5/1 VA: 5.48%

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

These are today’s mortgage refinance rates, based on the latest Zillow data:

• 30 year fixed: 6.24%

• 20 year fixed: 5.84%

• 15 year fixed: 5.64%

• 5/1 ARM: 6.47%

• 7/1 ARM: 6.62%

• 30 years VA: 5.72%

• 15 years VA: 5.55%

• 5/1 VA: 5.54%

Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are generally higher than when you buy a home, but that’s not always the case.

Find out if now is a good time to refinance your mortgage.

Use the mortgage calculator below to see how various mortgage terms and interest rates will affect your monthly payments.

Our free mortgage calculator also takes into account factors like property taxes and homeowner’s insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of ​​your total monthly payment than looking at your mortgage principal and interest.

The average 30-year mortgage rate today is 6.09%. A 30-year mortgage is the most popular type because it spreads your payments over 360 months, meaning your monthly payment is lower than a shorter-term loan.

The average 15-year mortgage rate today is 5.44%. Consider your short-term and long-term goals when deciding between a 15-year and 30-year mortgage.

A 15-year mortgage has a lower interest rate than a 30-year mortgage. In the long run, this is great because you pay off your loan 15 years sooner, which means 15 less years for interest to accumulate. However, in return, your monthly payment will be higher because you are paying the same amount in half the time.

Let’s say you took out a $300,000 mortgage. With a 30-year term and an interest rate of 6.09%, your monthly payment for principal and interest is approximately $1,816and you pay $353,777 In interest over the life of your loan – in addition to the original $300,000.

If you take out the same $300,000 mortgage with a 15-year term and an interest rate of 5.44%, your monthly payment $2,442. But you just pay $139,508 It has been attracting attention for years.

With a fixed-rate mortgage, your rate remains constant for the life of your loan. But if you refinance your mortgage, you’ll get a new rate.

An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. The rate will then increase or decrease depending on a variety of factors, including the economy and the maximum amount your rate can change based on your contract. For example, with a 7/1 ARM, your rate is fixed for the first seven years, then changes each year for the remaining 23 years.

Adjustable rates generally start lower than fixed rates, but it’s possible for your rate to increase once the initial rate lock period ends. But recently some fixed rates have started to be lower than adjustable rates. Talk to your lender about their rates before choosing one or the other.

Mortgage lenders generally give the lowest mortgage rates to people with higher down payments, good 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 off some of your debt before you start home shopping.

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.

Apply for mortgage pre-approval with three or four companies to find the mortgage lender that best suits your situation. Make sure you apply to all of them soon; Doing this will give you the most accurate comparisons and will have less impact on your credit score.

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

According to Zillow, the national average 30-year mortgage rate for buying a home is 6.09 percent, while the average 15-year mortgage rate is 5.44 percent. However, these are national averages, so the average in your area may be different. Averages are generally higher in expensive areas of the United States and lower in cheaper areas.

According to Zillow, the average 30-year fixed mortgage rate is currently 6.09%. However, you can get an even better rate with an excellent credit score, a sizeable down payment, and a low debt-to-income ratio (DTI).

Mortgage rates have been slowly falling lately, but a significant decline is not expected in the near future.