Mortgage rates have risen to around 6.60% as of March 15, 2025, which is the highest they’ve been in over a month.
Recently, mortgage rates have been bouncing up and down due to worries about things like inflation and trade issues.
If you’re thinking about buying a house this year, it’s better to focus on what you can control.
Saving more money for a down payment, improving your credit score, and paying off debts can help you get a better deal, even when rates are unpredictable.
Here’s a look at today’s rates:
- 30-year fixed mortgage: 6.54%
- 20-year fixed mortgage: 6.34%
- 15-year fixed mortgage: 5.96%
- 7/1 ARM: 6.63%
- 5/1 ARM: 6.57%
- 30-year FHA: 5.75%
- 30-year VA: 6.07%
If you’re refinancing, the rates are similar to those for new mortgages.
If you have a good credit score and can save more for a down payment, you might be able to lock in a better rate, even with all the ups and downs in the market.
Just remember, the economy and trade deals can keep changing, so rates may keep shifting too.
For those with military service, VA loans are still a great option since they require no down payment or mortgage insurance.
In the end, don’t try to guess when the rates will go down. Focus on your own situation, and you’ll be in a better position to make the right choice.
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