Mortgage interest rates have decreased this week. According to Freddie Mac, the national average 30-year fixed mortgage rate has fallen by five basis points to 6.76%, and the 15-year fixed rate is down two basis points to 5.92%.

These declines may seem unremarkable. But the bigger picture tells a different story. The average 30-year rate is actually down a full 46 basis points since this week last year, and the 15-year rate has dropped by 55 basis points. When it comes to interest rates, hopeful home buyers are in a better position than a year ago.

Dig deeper: 2025 housing market — Is it a good time to buy a house?

Have questions about buying, owning, or selling a house? Submit your question to Yahoo’s panel of Realtors using this Google form.

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

  • 30-year fixed: 6.61%

  • 20-year fixed: 6.30%

  • 15-year fixed: 5.90%

  • 5/1 ARM: 6.73%

  • 7/1 ARM: 7.03%

  • 30-year VA: 6.16%

  • 15-year VA: 5.57%

  • 5/1 VA: 6.26%

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

Learn more: Should you lock in a mortgage rate?

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

  • 30-year fixed: 6.64%

  • 20-year fixed: 6.31%

  • 15-year fixed: 6.01%

  • 5/1 ARM: 6.97%

  • 7/1 ARM: 7.42%

  • 30-year VA: 6.23%

  • 15-year VA: 5.91%

  • 5/1 VA: 6.20%

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.

Your mortgage rate plays a large role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate, and term length will impact your monthly payments:

To get an even more detailed look at your potential monthly payment, use our Yahoo Finance mortgage calculator. It also factors in your homeowners insurance, property taxes, mortgage insurance, and HOA fees.

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

A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will stay at 6% for the entire 30 years unless you refinance or sell.

An adjustable-rate mortgage locks in your rate for a predetermined amount of time and then changes it 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, then the rate would increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and housing market.

At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage principal and interest stays the same throughout the years — however, less and less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.

Learn more: Adjustable-rate vs. fixed-rate mortgages

A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rate will be higher than if you choose a shorter term and will result in paying significantly more in interest over the years.

You might like a 15-year fixed-rate mortgage if you want to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you’re cutting your repayment time in half, you’ll save a lot in interest in the long run. But you’ll need to be sure you can comfortably afford the higher monthly payments that come with 15-year terms.

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

Typically, an adjustable-rate mortgage could be good if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, then your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have similar to (or even higher than) 30-year fixed rates recently. Before getting an ARM just for a lower rate, compare your rate options from term to term and lender to lender.

Average mortgage rates have decreased over the last two weeks, and they’re down roughly half a percentage point since last May.

Even though mortgage rates have fallen over the last year, they probably won’t plummet in the short term. So, when will mortgage rates go down enough to lower your monthly payment significantly? It could be months, if not well over a year. If you are ready to buy a house but holding out for lower rates, it might not be worth the wait.

According to Freddie Mac, the national average 30-year mortgage rate is down five basis points today to 6.76%, and the average 15-year mortgage rate has decreased by two basis points to 5.92%.

According to its April forecast, the Mortgage Bankers Association (MBA) expects the 30-year mortgage rate to be 6.8% in Q3 2025 and 6.7% by the end of the year. Fannie Mae’s April forecast is a little more optimistic, predicting 6.3% in Q3 and 6.2% in Q4.

Mortgage rates could increase here and there in 2025, but there’s a good chance they will actually decrease a little by the end of the year.