Rates are still below the 50-year average.

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Home loan interest rates finally dropped this week. According to Freddie Mac, the national average 30-year fixed rate decreased by eight points 6.96%And the 15-year fixed rate fell by 11 basis points 6.16%.

These may still seem like high rates. But remember, current mortgage rates are still below the 50-year average. If you’ve found a home you like, it may be worth moving sooner — especially since President Trump’s actions on tariffs could raise rates in the next few weeks.

Dig deep; The best mortgage lenders for first time home buyers

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

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

  • 30 years fixed; 6.72%

  • 20 years fixed; 6.44%

  • 15 years fixed; 5.98%

  • 5/1 Arm: 6.65%

  • 7/1 Arm: 6.61%

  • 30-year VA: 6.18%

  • 15-year VA: 5.57%

  • 5/1 VA: 6.08%

  • 30 years FAA: 6.29%

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

Learn more: 5 strategies to get the lowest mortgage rate

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

  • 30 years fixed; 6.73%

  • 20 years fixed; 6.21%

  • 15 years fixed; 6.03%

  • 5/1 Arm: 6.63%

  • 7/1 Arm: 6.40%

  • 30-year VA: 6.13%

  • 15-year VA: 5.85%

  • 5/1 VA: 6.05%

Again, the numbers presented are national averages rounded to the nearest hundred. The cost of a mortgage modification is often higher than the cost of buying a home, although that’s not always the case.

Learn more: Want to refinance your loan? Here are 7 home renovation options.

Yahoo Finance has a free mortgage payment calculator. Use the calculator to see how different mortgage rates and loan terms affect your monthly payments.

Our calculator takes into account homeowners insurance, property taxes, and other costs that affect your monthly payment. This will give you a better idea of ​​what you will actually pay each month than if you just looked at the mortgage principal and interest.

A mortgage interest rate is the fee you pay to borrow 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 loan with 6% interest, your rate will stay at 6% for the entire 30 years unless you refinance or sell.

An adjustable-rate mortgage rate is locked in for a certain amount of time and then changes periodically. Let’s say you get a 7/1 ARM with an entry rate of 6%. Your rate will be 6% for the first seven years, then the rate will increase or decrease once a year for the last 23 years. Whether your rate goes up or down depends on many factors, such as the economy and housing market.

At the beginning of your mortgage, most of your monthly payment goes toward interest. Your monthly payment for mortgage principal and interest will stay the same over the years – but your payment will go towards interest less, and the more you pay for the mortgage principal or the amount you originally borrowed.

Learn more: Adjustable-rate versus fixed-rate loans

If you want the predictability that comes with having a low mortgage payment and a fixed rate, a 30-year fixed rate mortgage is a good choice. Be aware that the amount you choose for a shorter term will be higher and result in higher interest payments over the years.

If you want to pay off your home loan faster and save money on interest, you may like a 15-year fixed rate loan. These shorter terms come with lower interest rates, and since they cut your repayment period in half, you’ll save more on interest in the long run. But you need to be sure that you can comfortably afford the higher monthly payments that come with 15-year terms.

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

If you plan to sell before the introductory rate period ends, an adjustable-rate mortgage may be ideal. Adjustable rates usually start lower than fixed rates, then your rate changes after a predetermined period of time. However, 5/1 and 7/1 ARM rates are now very similar to 30-year fixed rates. Before you settle for an ARM just for the low rate, compare your rate options word-by-word and lender-by-lender.

Average 30-year and 15-year fixed mortgage rates fell this week, but rose for five straight weeks before that. In general, prices are increasing. According to Freddie Mac data, the 30-year fixed rate was up 27 basis points from last year, and the 15-year rate was up 20 basis points.

Mortgage rates will drop in 2025, but it’s unclear how much they will fall due to uncertainty about how a Trump presidency will affect inflation and other aspects of the economy. We can expect rates to stay above 6 percent.

Read more: When will the housing market crash again?

According to Freddie Mac, this week the national average 30-year mortgage rate fell eight basis points to 6.96%, and the average 15-year mortgage rate fell 11 basis points to 6.16%.

According to their January housing forecast, Fannie Mae and the Mortgage Bankers Association (MBA) expect the 30-year mortgage rate to end at 6.50% in 2025.

Mortgage rates may go up here and there in 2025, but there’s a good chance they’ll drop by the end of the year.