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Today's mortgage rates are a bit unsteady. For example, according to Zillow, the 30-year fixed interest rate is down two basis points to 6.57% , and the 20-year fixed rate has decreased by six basis points to 6.39% . On the other hand, the 15-year fixed rate has increased by eight basis points to 6.01% .

We may see home loan rates shift one way or the other after tomorrow's Federal Reserve meeting. The Fed isn't expected to cut the federal funds rate — but Fed Chair Jerome Powell's commentary after the meeting could indicate what the central bank expects to do over the next few months.

Dig deeper: How the Federal Reserve rate decision affects mortgage rates

Today's mortgage rates

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

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

Read more: How to get the lowest mortgage rates possible

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

Today's mortgage refinance rates

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

Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates.

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Yahoo Finance mortgage calculator

A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect your monthly payments. Use the free Yahoo Finance mortgage calculator to play around with different outcomes.

Our calculator also considers factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.

30-year vs. 15-year fixed mortgage rates

As a rule of thumb, 15-year mortgage rates are lower than 30-year mortgage rates. When comparing 15- versus 30-year mortgage rates , know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you’re paying off the same loan amount in half the time.

For example, with a $400,000 mortgage with a 30-year term and a 6.57% rate, you'll make a monthly payment of about $2,547 toward your mortgage principal and interest. As interest accumulates over decades, you’ll end up paying $516,817 in interest.

If you get a $400,000 15-year mortgage with a 6.01% rate, you’ll pay about $3,378 monthly toward your principal and interest. However, you’ll only pay $207,966 in interest over the years.

If that 15-year mortgage monthly payment is too high, remember you can always make extra mortgage payments on your 30-year loan to pay off your mortgage faster and ultimately pay less interest.

Fixed-rate vs. adjustable-rate mortgages

With a fixed-rate mortgage , your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage.

An adjustable-rate mortgage keeps your rate the same for a set period of time. Then the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remainder of your term.

Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, you risk your interest rate going up. ARM rates have also been starting higher than fixed rates recently, so they're not as good of a deal as usual.

Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose?

When will mortgage rates finally drop?

Economists don't expect drastic rate drops before the end of 2025.

In 2024, mortgage rates trended downward from early August to the Sept. 18 Federal Reserve meeting, when the central bank announced a 50-basis-point slash to the federal funds rate. Since that announcement, mortgage rates have mostly increased or held steady.

The Fed decreased its rate again at its November and December meetings (by 25bps each time). The trajectory of future mortgage rates will largely depend on the Federal Reserve’s decision on whether or not to cut the federal funds rate at its 2025 meetings.

The Fed decided not to cut the fed funds rate at its Jan. 29 meeting. According to the CME FedWatch tool , there's currently a 99% chance that the rate remains unchanged at tomorrow's meeting too. This means rates probably won't significantly drop in the next couple of months.

Dig deeper: Understanding the Fed's rate decisions — Do we want high or low interest rates?

Mortgage rates today: FAQs

What is today's 30-year fixed rate?

According to Zillow data, today's 30-year fixed rate is 6.57% for home purchases and 6.65 for refinances. These are the national averages, so keep in mind the average in your state or city could be different. Your rate will also vary depending on your personal finances.

Are mortgage rates expected to drop?

Mortgage rates will probably gradually fall throughout 2025, but they're unlikely to plummet anytime soon.

Will mortgage rates go down in 2025?

Mortgage rates should go down in 2025, though probably not as drastically as many expected a few months ago. Any decreases may be relatively small depending on the economy, inflation, and the Fed.