Up and down but about where they were two weeks ago

Mortgage loan interest rates rose slightly today. The 30-year average fixed interest rate is six basis points higher, according to Zillow. 6.15%, If the 15-year fixed is the same with an increase of six basis points 5.60%. With all the little up and down movements, rates are nearly where they were at the beginning of the month.

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

• 30 year fixed: 6.15%

• 20 year fixed: 5.97%

• 15 year fixed: 5.60%

• 5/1 ARM: 6.28%

• 7/1 ARM: 6.03%

• 30 years VA: 5.60%

• 15 years VA: 5.26%

• 5/1 VA: 5.25%

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

Learn how mortgage rates are determined.

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

• 30 year fixed: 6.28%

• 20 year fixed: 6.08%

• 15 year fixed: 5.74%

• 5/1 ARM: 6.48%

• 7/1 ARM: 6.49%

• 30 years VA: 5.75%

• 15 years VA: 5.47%

• 5/1 VA: 5.48%

Again, the figures given 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.

Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length affects events.

When shopping for homes and lenders, you can bookmark Yahoo Finance and keep it handy for future use. You even have the option to enter the cost of private mortgage insurance (PMI) and homeowners association dues, if they apply to you. These details provide a more accurate monthly payment estimate than simply calculating your mortgage principal and interest.

A 30-year fixed mortgage has two main advantages: Your payments are lower and your monthly payments are predictable.

Monthly payments on a 30-year fixed-rate mortgage are relatively low because you spread your repayment over a longer period of time compared to, say, a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your rate won’t change from year to year. Most years, the only thing that could affect your monthly payment is changes to your homeowner’s insurance or property taxes.

The main disadvantage of 30-year fixed mortgage rates is mortgage interest, both in the short and long term.

A 30-year fixed-term loan comes with a higher rate than a shorter fixed-term loan. You’ll also pay much more interest over the life of your loan due to both the higher rate and longer term.

The pros and cons of 15-year fixed mortgage rates are essentially replaced by 30-year interest rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention you’ll pay off your mortgage 15 years sooner. This will save you potentially hundreds of thousands of dollars in interest over the course of your loan.

However, since you will pay the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term.

Adjustable-rate mortgages fix your rate for a predetermined period of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then increases or decreases annually for the remaining 25 years.

The main advantage is that the introductory rate is generally lower than you would get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don’t reflect this; fixed rates are actually lower, according to Zillow data. Talk to your lender before deciding between a fixed or adjustable rate.)

With an ARM, you have no idea what mortgage rates will be like when the introductory rate period ends, so you run the risk of your rate increasing later. This can ultimately cost more, and your monthly payments may be unpredictable from year to year.

But if you plan to take action before the introductory rate period ends, you can enjoy the benefits of a low rate without risking a rate increase in the future.

According to Zillow, the national average 30-year mortgage rate is currently 6.15%. But keep in mind that averages may vary depending on where you live. For example, if you’re shopping in a city with a high cost of living, prices may be even higher.

Mortgage rates will likely remain in a narrow range for the next few months. The Federal Reserve stated in December that another interest rate cut was not certain; But even if that happens, mortgage interest rates are likely to resist falling much lower.

Mortgage rates fluctuate but have generally moved lower over the past few months. They are below where they were a year ago, according to Freddie Mac data.

In many ways, securing a low mortgage refinance rate is similar to when you purchased your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing in the shorter term will get you a lower rate, even though your monthly mortgage payments will be higher.