Latest Mortgage Rates: What You Need to Know
Update: 2025-12-31
Description
Mortgage rates remain steady since mid-October, with national averages for home purchases and refinances varying by loan type. Thirty-year fixed rates for home purchases stand at 5.97%, while refinance rates are slightly higher at 6.09%. Fifteen-year fixed rates offer lower interest but higher monthly payments. Adjustable-rate mortgages provide initial rate discounts but come with the risk of future rate increases. VA loans continue to offer competitive rates for veterans. Economists predict no significant rate drops until late 2026, so its essential to boost credit, reduce debt, and check equity needs before refinancing. Costs range from 2% to 6% of the loan, and using a calculator can help determine the real monthly impact. Checkout Solipillow.com
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