Mortgage rates fell for the second week in a row. According to Freddie Mac, the 30-year fixed mortgage rate fell 12 basis points 6.69%and the 15-year fixed rate is down 14 basis points 5.96%.

Mortgage rates are unlikely to fall much in the coming months. With interest rates currently falling slightly and demand low over the winter months, now could be a relatively good time to buy a home.

Dig Deeper: When will mortgage rates go down? A look at 2024 and 2025.

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

• 30 years fixed: 6.29%

• 20 years fixed: 6.05%

• 15 years fixed: 5.65%

• 5/1 ARM: 6.51%

• 7/1 ARM: 6.42%

• 30 year old VA: 5.73%

• 15 year old VA: 5.39%

• 5/1VA: 5.98%

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

Learn more: 5 Strategies to Get the Lowest Mortgage Rates

These are the current mortgage refinance rates according to the latest Zillow data:

• 30 years fixed: 6.38%

• 20 years fixed: 6.13%

• 15 years fixed: 5.78%

• 5/1 ARM: 6.03%

• 7/1 ARM: 6.64%

• 30 year old VA: 5.81%

• 15 year old VA: 5.69%

• 5/1VA: 5.50%

Here too, the figures given are national average values ​​rounded to the nearest hundredth. Mortgage refinance interest rates are often higher than interest rates when purchasing a home, although this is not always the case.

Learn more: Do you want to refinance your mortgage? Here are 7 ways to refinance your home.

Yahoo Finance offers a free mortgage payment calculator. Use the calculator to find out how different mortgage rates and loan terms may affect your monthly payments.

Our calculator also takes into account home insurance, property taxes and other expenses that affect your monthly payment. This will give you a better idea of ​​what you would realistically pay in a month than just looking at the mortgage amount and interest.

A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose between two types of tariffs: fixed or customizable.

With a fixed-rate mortgage, your interest rate is fixed for the entire term of your loan. For example, if you take out a 30-year mortgage with an interest rate of 6%, your interest rate will remain at 6% for the entire 30 years unless you refinance or sell.

With an adjustable rate mortgage, your interest rate is fixed for a predetermined period of time and then changes periodically. Let’s say you get a 7/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first seven years, after which the rate would increase or decrease once per year for the final 23 years of your term. Whether your interest rate rises or falls depends on several factors, such as the economy and the real estate market.

At the beginning of your mortgage term, the majority of your monthly payment goes toward interest. Your monthly payment for mortgage principal and interest stays the same over the years – although less and less of your payment goes towards interest and more goes towards the mortgage principal or the original amount borrowed.

Learn more: Adjustable Rate Mortgages vs. Fixed Rate Mortgages

A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability of a fixed rate. However, keep in mind that your interest rate will be higher than with a shorter term and you will pay significantly more interest over the years.

If you want to pay off your home loan quickly and save on interest, you might be interested in a 15-year fixed-rate mortgage. These shorter terms come with lower interest rates, and since you cut your repayment time in half, you save a lot on interest in the long run. However, you need to make sure you can easily afford the higher monthly payments that come with a 15-year term.

Read more: How to choose between a 15-year and a 30-year fixed-rate mortgage

Typically, a variable rate mortgage can make sense if you want to sell before the interest rate introductory period ends. Adjustable rates typically start lower than fixed rates, then your rate changes after a predetermined period of time. However, the 5/1 and 7/1 ARM rates are currently very similar to 30-year fixed rates. Before purchasing an ARM just for a lower interest rate, compare your interest rate options from term to term and from lender to lender.

Mortgage rates have been largely flat or rising since mid-September, but have fallen for the past two consecutive weeks.

However, mortgage rates are unlikely to fall significantly in 2024. It’s possible they will fall in 2025, but for now the future of mortgage rates is unclear as we wait to see how markets will react to Trump’s second term.

Read more: When will the real estate market collapse again?

According to Zillow, the current national average 30-year mortgage rate has decreased three basis points to 6.29%, and the average 15-year mortgage rate has decreased three basis points to 5.65%.

Fannie Mae and the Mortgage Bankers Association both expect the 30-year fixed-rate mortgage rate to be 6.60% at the end of 2024, according to their November housing forecasts.

There’s a good chance that mortgage rates will actually go down, not up, in 2025. However, we will have to wait and see how the next few months unfold as markets react to Trump’s upcoming presidential term and the Federal Reserve’s interest rate cuts.