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Mortgage and refinance rates today, October 25, 2024: Year-over-year rates decrease by 1.25%

Laura Grace Tarpley, CEPF · Lead Editor and Content Strategist, Mortgages
5 min read

The national average 30-year fixed mortgage rate has increased for the fourth week in a row. According to Freddie Mac, it now sits at 6.54%. The 15-year fixed mortgage rate is up for the fifth straight week at 5.71%.

Several consecutive weeks of inclines can be discouraging. But mortgage rates are great compared to this week last year when rates were at annual highs. The 30-year rate is down 1.25% compared to the end of October 2023, and the 15-year rate has dropped by 1.32%. So, if it's time for you to buy a house, you can feel empowered knowing that mortgage interest rates aren't as bad as they may seem.

Dig deeper: Should you buy a house? How to know you're ready.

Current mortgage rates

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

  • 30-year fixed: 6.45%

  • 20-year fixed: 6.24%

  • 15-year fixed: 5.81%

  • 5/1 ARM: 6.72%

  • 7/1 ARM: 6.82%

  • 30-year VA: 5.91%

  • 15-year VA: 5.33%

  • 5/1 VA: 5.75%

  • 5/1 FHA: 4.92%

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

Learn more: 5 strategies to get the lowest mortgage rates

Current mortgage refinance rates

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

  • 30-year fixed: 6.55%

  • 20-year fixed: 6.43%

  • 15-year fixed: 5.89%

  • 5/1 ARM: 6.48%

  • 7/1 ARM: 6.61%

  • 30-year VA: 5.86%

  • 15-year VA: 5.70%

  • 5/1 VA: 5.57%

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.

Learn more: Want to refinance your mortgage? Here are 7 home refinance options.

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Free mortgage calculator

Yahoo Finance has a free mortgage payment calculator. Use the calculator to see how various mortgage rates and loan terms could affect your monthly payments.

Our calculator also considers homeowners insurance, property taxes, and other expenses that affect your monthly payment. This will give you a better idea of what you'd realistically pay in a month than if you just look at the mortgage principal and interest.

How mortgage interest rates work

A mortgage interest rate is a fee for borrowing money from your lender, expre