Mortgage and Refinance Rates Today: November 8, 2025
Mortgage rates are not moving much right now — they’re staying in a narrow range. According to Zillow, the average 30-year fixed mortgage rate is 6.15%, and the 15-year fixed rate is 5.57%. The 10-year Treasury yield has been going up and down this week with no clear direction.
Current mortgage rates: - 30-year fixed: 6.15% - 20-year fixed: 5.97% - 15-year fixed: 5.57% - 5/1 ARM: 6.38% - 7/1 ARM: 6.45% - 30-year VA: 5.69% - 15-year VA: 5.25% - 5/1 VA: 5.70%
Refinance rates (Zillow): - 30-year fixed: 6.27% - 20-year fixed: 6.29% - 15-year fixed: 5.75% - 5/1 ARM: 6.46% - 7/1 ARM: 6.87% - 30-year VA: 5.75% - 15-year VA: 5.62% - 5/1 VA: 5.48%
Usually, refinance rates are a bit higher than buying rates, though that’s not always the case. You can use Yahoo’s free mortgage calculator to check how today’s rates change your monthly payments. It also lets you add homeowners insurance, property taxes, PMI, and HOA dues for a more accurate estimate.
30-year fixed mortgage: pros and cons Pros: - Lower monthly payments because the loan is spread over 30 years. - Predictable payments, since the rate stays the same each year.
Cons: - You pay more interest overall because of the longer term and higher rate. - The rate is usually higher than both shorter fixed terms and the intro rate on ARMs.
15-year fixed mortgage: pros and cons Pros: - Lower interest rate than 30-year loans. - Faster payoff — you clear your mortgage 15 years earlier. - Save thousands in interest over the life of the loan.
Cons: - Higher monthly payments since you’re paying the same amount in half the time.
Adjustable-Rate Mortgages (ARMs): Pros and Cons How ARMs work: The rate stays fixed for a set time, then changes yearly after that. Example: In a 5/1 ARM, the rate is fixed for 5 years, then adjusts each year after.
Pros: - Lower intro rate than 30-year fixed loans, so payments are cheaper at first.
Cons: - After the intro period, the rate can go up or down, making payments unpredictable. - You might pay more later if rates rise. If you plan to move before the intro period ends, you can enjoy the low rate without worrying about future increases.
Is now a good time to buy a house? Yes, compared to a few years ago, it’s better to buy now. Home prices aren’t jumping like during the COVID-19 pandemic. Rates have been going down slowly in recent weeks. The 30-year conventional loan rate is now the lowest in over a year. The best time to buy is when it fits your life, not just the market. “Trying to time the real estate market can be as futile as timing the stock market — buy when it's the right time for you.”
