30-year mortgage rate falls to 6.61% as other rates rise

Mortgage rates are mixed this weekend, with the 30-year fixed rate dipping while shorter-term and adjustable options rose. According to Zillow lender data, the 30-year fixed dropped 7 basis points to 6.61%, the 15-year fixed jumped 11 basis points to 6.01%, and the 5/1 ARM inched up 3 basis points to 6.37%.

These shifts come as lenders adjust pricing before the weekend lull, a common pattern as markets prepare for slower trading. The changes reflect recent bond-market moves and lender competition, though rates remain within the narrow range seen over the past month. Borrowers weighing purchases or refinances now face slightly better long-term deals but higher short-term costs.

The differences between loan types are widening. A 30-year fixed saves money month-to-month but costs more over time due to higher interest. A 15-year fixed saves thousands in interest but demands higher monthly payments. ARMs like the 5/1 start lower but can reset after five years, adding risk if rates climb. Refinance rates are also mixed, with some lenders offering better terms for existing homeowners than for new buyers.

For anyone in the market, today’s rates offer small savings on 30-year loans but less certainty elsewhere. The gap between loan types underscores the trade-offs: lower payments now versus long-term savings or flexibility. With no major economic shifts expected this weekend, borrowers may find today’s rates a decent starting point—but comparison shopping will still matter most.