Interest rates on some mortgage terms have decreased today, but most have increased. According to Zillow, the 30-year fixed mortgage rate is up by four basis points to 6.67%, and the 15-year fixed interest rate has risen by five basis points to 5.03%. The 5/1 ARM rate has inclined by three basis points to 6.71%.

Despite the recent increases, it could be a good time to buy a house. Mortgage rates shouldn’t plunge anytime soon. They’ll probably go down in 2025, but economists expect the declines to be gradual. Winter can be a good time to buy a home because there is less competition, so if you find a house you love, you could get a fair price.

 

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