Mortgage rates increased today, according to Zillow data. The 30-year fixed mortgage rate increases by seven basis points 6.42%and the 15-year interest rate has increased by 11 basis points 5.79%. The 5/1 ARM rate has increased nine basis points to 7.07%.

Despite recent increases, it could be a good time to buy a home. Mortgage rates are unlikely to drop significantly in the near future, and there tends to be less competition in the winter. However, it may not be the best time to refinance your current mortgage, especially if you secured an extremely low interest rate during the height of the COVID-19 pandemic.

Dig Deeper: Should you buy a house? Here’s how to know if you’re ready.

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

• 30 years fixed: 6.42%

• 20 years fixed: 6.20%

• 15 years fixed: 5.79%

• 5/1 ARM: 7.07%

• 7/1 ARM: 7.22%

• 30 year old VA: 5.89%

• 15 year old VA: 5.57%

• 5/1 VA: 6.05%

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

Read more: How are mortgage interest rates determined?

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

• 30 years fixed: 6.51%

• 20 years fixed: 6.23%

• 15 years fixed: 5.84%

• 5/1 ARM: 7.76%

• 7/1 ARM: 7.18%

• 30 year old VA: 5.80%

• 15 year old VA: 5.58%

• 5/1 VA: 5.24%

Here too, the figures given are national average values ​​rounded to the nearest hundredth. Although not always the case, mortgage refinance rates tend to be slightly higher than purchase rates.

You can use a mortgage calculator to determine how different mortgage terms and interest rates affect your monthly payments. Use Yahoo Finance’s free mortgage calculator to play around with different outcomes.

Our calculator also takes factors like property taxes and home insurance into account when estimating your monthly mortgage payment. This will give you a better overview of your total monthly payment than if you just looked at the mortgage amount and interest.

Today’s average 30-year mortgage rate is 6.42%. A 30-year mortgage is the most popular type of mortgage because your monthly payments are relatively low by spreading your payments over 360 months.

If you had a $300,000, 30-year mortgage with an interest rate of 6.42%, your monthly payment for principal and interest would be approximately $1,880and you would pay $376,961 Interest over the life of your loan – in addition to the original $300,000.

The average 15-year mortgage rate today is 5.79%. There are several factors to consider when deciding between a 15-year and 30-year mortgage.

A 15-year mortgage comes with a lower interest rate than a 30-year mortgage. This is great in the long run because you pay off your loan 15 years early and the interest accrues for 15 years less.

However, because you limit the same debt repayments to half the time, your monthly payments will be higher.

If you take out the same $300,000 mortgage but with a 15-year term and an interest rate of 5.79%, your monthly payment would go up to 5.79% $2,498 – but you would just pay $149,579 interest over the years.

Dig Deeper: How much house can I afford? Use our home affordability calculator.

With an adjustable rate mortgage, your interest rate is fixed for a specific period of time and then increases or decreases periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then changes every year.

Adjustable rates typically start lower than fixed rates, but you run the risk of your rate increasing once the rate lock-in introductory period has passed. However, an ARM could be a good solution if you plan to sell the home before the interest rate lock-in period expires. This way, you pay a lower interest rate without having to worry about the interest rate increasing later.

ARM rates have also been higher than fixed rates recently. Before you decide on a fixed or variable mortgage rate, be sure to shop around for the best lenders and interest rates. Some offer more competitive customizable rates than others.

Mortgage lenders typically give the lowest mortgage rates to people with larger down payments, excellent credit and a low debt-to-income ratio. So if you want a lower interest rate, try saving more, improving your credit score, or paying off some debt before you start buying a home.

You can also permanently lower your interest rate by paying discount points at closing. A temporary interest buyback is also an option. For example, you might get a 6% interest rate on a 2:1 buyback. Your interest rate would start at 4% in the first year, rise to 5% in the second year, and then settle at 6% for the remainder of your term.

Just consider whether these buybacks will be worth the extra money at closing. Before you make your decision, ask yourself whether you will be staying in the house long enough for the amount you save with a lower plan to offset the cost of purchasing a lower plan.

Learn more: How to get the lowest mortgage rates

Here are the interest rates for the most common mortgage terms: According to Zillow data, the national average 30-year fixed rate is 6.42%, the 15-year fixed rate is 5.79%, and the 5/1 ARM rate is 7.07%.

A typical mortgage rate for a 30-year fixed loan is 6.42%. However, keep in mind that this is the national average based on Zillow data. The average may be higher or lower depending on where you live in the US

Mortgage rates are not expected to fall significantly before the end of 2024, but could continue to decline gradually.