Lowest interest rate in two weeks

Mortgage rates fell across the board today, with the 30-year fixed rate falling for the fourth day in a row. down five basis points, according to Zillow data 6.67% - the lowest level in two weeks.

Rates reacted positively to the Consumer Price Index (CPI) released by the Bureau of Labor Statistics earlier this week. Inflation data was better than expected, and although the Federal Reserve still may not cut the federal funds rate this month, the consumer price index has economists slightly more optimistic about 2025.

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

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

learn more: 5 Strategies to Get the Lowest Mortgage Rate

According to the latest Zillow data, these are today's mortgage refinance rates:

Again, the numbers provided are national averages, rounded to the nearest percentile. Mortgage refinance rates are usually higher than the rates you paid when you bought the home, although this isn't always the case.

Use Yahoo Finance's free mortgage calculator to see how different interest rates and term lengths will affect your monthly mortgage payment. It also shows how home prices and down payment amounts affect things.

Our calculator includes homeowners insurance and property taxes into your monthly payment estimate. You even have the option to enter the cost of private mortgage insurance (PMI) and homeowners association dues (if applicable). These details provide a more accurate estimate of your monthly payment than a simple calculation of mortgage principal and interest.

There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.

The monthly payments on a 30-year fixed-rate mortgage are relatively lower because you have a longer repayment term compared to a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your interest rate doesn't change from year to year. In most cases, the only thing that could affect your monthly payment is any changes to your homeowner's insurance or property taxes.

The main disadvantages of a 30-year fixed mortgage rate are the short-term and long-term mortgage interest rates.

The interest rate on a 30-year fixed term is higher than the interest rate on a shorter fixed term and is higher than the initial interest rate on a 30-year ARM. The higher your rate, the higher your monthly payment will be. Since the interest rate is higher and the term is longer, you will also pay more interest over the life of the loan.

The pros and cons of the 15-year fixed mortgage rate are essentially interchangeable with the 30-year rate. Yes, your monthly payments are still predictable, but another advantage is the shorter term and lower interest rate. Not to mention, you'll pay off your mortgage 15 years early. As a result, you could potentially save hundreds of thousands of dollars in interest over the course of your loan.

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

Dig deeper: 15-year vs. 30-year mortgages

An adjustable-rate mortgage locks your interest rate in for a predetermined period of time and then changes it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years, then rises or falls each year for the remaining 25 years.

The main advantage is that introductory rates are usually lower than a 30-year fixed rate, so your monthly repayments will be lower. (Current average rates don't necessarily reflect this, though—in some cases, fixed rates are actually lower. Talk to your lender before deciding between fixed or adjustable rates.)

With an ARM, you don't know what your mortgage rate will be after the introductory rate period ends, so you run the risk of your rate rising later. This can end up costing more, and your monthly payments can be unpredictable from year to year.

But if you plan to move before the introductory period ends, you can take advantage of the benefits of low interest rates without risking future interest rate increases.

learn more: Adjustable rate mortgages vs. fixed rate mortgages

First, now is a relatively good time to buy a home compared to years past. Home prices are not soaring as they were during the worst of the COVID-19 pandemic. So if you want or need to buy a home soon, you should feel good about the current climate.

Additionally, mortgage rates are not expected to fall as much in 2025 as people expected a few months ago. Since interest rates have been dropping for several days in a row — and competition tends to be less intense in the winter — this could be a good time to buy.

Read more: Which is more important, house prices or mortgage rates?

The current national average 30-year mortgage rate is 6.67%, according to Zillow. But keep in mind that averages may vary depending on where you live. For example, if you buy a home in a city with a higher cost of living, your interest rate may be higher.

Mortgage rates are expected to fall overall in 2025, but likely not significantly in the short term.

Yes, mortgage rates have fallen for four days in a row. But before that, they had been increasing for some time.

In many ways, securing a lower 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). Although your monthly mortgage payments will be higher, a short-term refinance will also get you a lower interest rate.