As rates rise, it’s important to compare offers

According to Zillow, mortgage rates are rising. The average 30-year fixed mortgage rate rose 13 basis points 6.10%And the 15-year fixed rate is up 14 basis points 5.55%. However, remember that these are national averages. Depending on your location, financial profile, and mortgage lender, you may be able to secure a lower rate. Shop around with three or four mortgage lenders to compare their rates and fees.

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

• 30-year fixed: 6.10%

• 20-year fixed: 5.97%

• 15 years fixed: 5.55%

• 5/1 ARM: 6.45%

• 7/1 ARM: 6.38%

• 30-year VA: 5.56%

• 15-year VA: 5.22%

• 5/1 VA: 5.40%

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

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

• 30-year fixed: 6.15%

• 20-year fixed: 6.09%

• 15 years fixed: 5.63%

• 5/1 ARM: 6.43%

• 7/1 ARM: 6.69%

• 30-year VA: 5.62%

• 15-year VA: 5.47%

• 5/1 VA: 5.37%

Again, the numbers provided are national averages rounded to the nearest hundred. Mortgage refinance rates are often higher than rates when you buy a home, although this is not always the case.

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

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

You can bookmark the Yahoo Finance Mortgage Payment Calculator and use it for future reference. It also considers factors such as 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 if you just looked at the mortgage principal and interest.

The average 30-year mortgage rate today is 6.10%. A 30-year term is the most popular type of mortgage because by spreading your payments over 360 months, your monthly payment is lower than with a short-term loan.

The average 15-year mortgage rate today is 5.55%. When deciding between a 15-year and 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. It’s better in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years to accrue interest. But the trade-off is that your monthly payment will be higher because you pay the same amount in half the time.

Let’s say you get a $300,000 mortgage. With a 30-year term and a rate of 6.10%, your monthly payments toward principal and interest will be approx $1,818And you will pay $354,474 in interest for the life of your loan – on top of that principal of $300,000.

If you got the same $300,000 mortgage with a 15-year term and a 5.55% rate, your monthly payment would jump. $2,459. But you only pay $142,659 Over the years interest.

With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. If you refinance your mortgage, you’ll get a new rate.

Adjustable-rate mortgages keep your rate the same for a predetermined period of time. Then, the rate goes up or down depending on many factors, such as the economy and the maximum amount can be changed according to your contract. For example, with a 7/1 ARM, your rate will be locked for the first seven years, then change every year for the remaining 23 years of your term.

Adjustable rates usually start lower than fixed rates, but after the initial rate-lock period ends, it’s possible that your rate will go up. However, lately some fixed rates are starting lower than adjustable rates. Talk to your lender about their rates before choosing one or the other.

Mortgage lenders typically give the lowest mortgage rates to people with high down payments, excellent or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try to save more, improve your credit score, or pay off some debt before you start shopping for homes.

Waiting for rates to drop is probably not the best way to get the lowest mortgage rate. If you are ready to buy, the best way to lower your rate is to focus on your personal finances.

To find the best mortgage lender for your situation, apply for mortgage pre-approval 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 the least 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. APR, also expressed as a percentage, reflects the actual 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 6.10%, and the average 15-year mortgage rate is 5.55%. But these are national averages, so averages in your area may vary. Averages are generally higher in more expensive parts of the US and lower in less expensive areas.

According to Zillow, the average 30-year fixed mortgage rate is now 6.10%. However, you can get a better rate with an excellent credit score, a larger down payment, and a lower debt-to-income ratio (DTI).

Mortgage rates may dip here and there, but they are not expected to drop drastically in the near future.