Australia's Home Prices Climb Further as Rental Growth Refuels
The Home Value Index advanced 0.6% in July, property consultancy Cotality said in a statement on Friday. Darwin was once again the top gainer, climbing 2.2%, while the bellwether Sydney market rose by 0.6%
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Yahoo
25 minutes ago
- Yahoo
Mortgage and refinance interest rates today, August 2, 2025: Fixed rates waver
Mortgage interest rates fluctuate daily, and today's rates have shifted in different directions. According to Zillow, the 30-year fixed mortgage rate moved up by two basis points, sitting at 6.60%. Meanwhile, the 15-year fixed rate dropped 11 basis points to 5.76%. For those looking to lock in a mortgage rate in the near future, make sure to choose a mortgage lender with a rate buydown option. With the rate buydown option, you can re-lock your interest rate before you buy your house if your rate was higher than market rates at the time of looking for your mortgage. Read more: Looking for a lender with a rate buydown program? Check out Yahoo Finance's Pennymac mortgage review or TD Bank mortgage review. Today's mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.60% 20-year fixed: 6.36% 15-year fixed: 5.76% 5/1 ARM: 6.91% 7/1 ARM: 7.12% 30-year VA: 6.22% 15-year VA: 5.58% 5/1 VA: 5.94% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates Today's mortgage refinance rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.66% 20-year fixed: 6.09% 15-year fixed: 5.39% 5/1 ARM: 7.32% 7/1 ARM: 6.75% 30-year VA: 6.03% 15-year VA: 5.67% 5/1 VA: 6.03% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Refinance interest rates Up Next Up Next Free mortgage calculator Use the mortgage calculator below to see how today's interest rates would affect your monthly mortgage payments. For a deeper dive, you can use Yahoo's free mortgage calculator to see how homeowners insurance and property taxes factor into in your monthly payment estimate. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest. 30-year fixed mortgage rates: Pros and cons There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable. A 30-year fixed-rate mortgage has relatively low monthly payments because you're spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn't going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes. The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term. A 30-year fixed term comes with a higher rate than a shorter fixed term, and it's higher than the intro rate to a 30-year ARM. The higher your rate, the higher your monthly payment. You'll also pay much more in interest over the life of your loan due to both the higher rate and the longer term. 15-year fixed mortgage rates: Pros and cons The pros and cons of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention, you'll pay off your mortgage 15 years sooner. So you'll save potentially hundreds of thousands of dollars in interest over the course of your loan. However, because you're paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term. Dig deeper: 15-year vs. 30-year mortgages Adjustable mortgage rates: Pros and cons Adjustable-rate mortgages lock in your rate for a predetermined amount of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years. The main advantage is that the introductory rate is usually lower than what you'll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don't necessarily reflect this, though — in some cases, fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.) With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year. But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road. Learn more: Adjustable-rate vs. fixed-rate mortgage Is now a good time to buy a house? First of all, now is a relatively good time to buy a house compared to a couple of years ago. Home prices aren't spiking like they were during the height of the COVID-19 pandemic. So, if you want or need to buy a house soon, you should feel pretty good about the current housing market. However, mortgage rates are staying relatively high due to the political and economic climate. Experts don't think rates will plummet in 2025, so you might not want to base your decision on whether to buy strictly on interest rates. Recent news that home price gains are slowing, with predictions that house values may actually ease lower this year, can be part of your home-buying decision. The best time to buy is typically whenever it makes sense for your stage of life. 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. Read more: Which is more important, your home price or mortgage rate? Today's mortgage rates: FAQs What is a 30-year mortgage rate right now? According to Zillow, the national average 30-year mortgage rate is 6.60% right now. But keep in mind that mortgage rates vary by state and even ZIP codes. For example, if you're buying in a city with a high cost of living, rates could be higher. Are interest rates expected to go down? Overall, mortgage rates are expected to lower slightly in 2025. Rates may inch up or down daily, but there shouldn't be a huge shift in the near future. Are mortgage rates dropping? Mortgage rates are dropping slightly. Today's 30-year fixed mortgage rate has only shifted down four basis points. How do I get the lowest refinance rate? In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.
Yahoo
an hour ago
- Yahoo
HELOC rates today, July 31, 2025: The home equity line of credit rate remains as steady as the Federal Reserve
Second mortgage HELOC rates remain unmoved, much like the Federal Reserve. Yesterday, the Fed resisted a presidential plea for a short-term interest rate cut. Now, Wall Street has bumped back expectations for an interest rate break to October — and perhaps just one, rather than two, before the end of the year. While home equity line of credit rates remain tame, an interest rate cut would move the prime rate lower, with variable HELOC rates likely following. Best strategy: find a low introductory rate that covers you until the Fed makes a move. Here's the latest on the home equity line of credit interest rate. This embedded content is not available in your region. HELOC rates Thursday, July 31, 2025 According to Bank of America, the largest HELOC lender in the country, today's 50-state national average variable rate on a 10-year draw HELOC is 8.72%. Remember, that variable rate kicks in after a six-month introductory rate of 6.49%. The minimum average APR is 8.05%, with the maximum at 9.59%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not going to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative. How lenders determine HELOC interest rates HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a variable rate of 8.50%. Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan, so it pays to shop around. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. How a HELOC works The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. This embedded content is not available in your region. Look for introductory rates, but be aware of a rate adjustment later Today, is advertising HELOC rates as low as 6.74%. No doubt, that's an introductory rate. After a period of time, it will become a variable rate. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. HELOC rates today: FAQs What is a good interest rate on a HELOC right now? Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. Is it a good idea to get a HELOC right now? For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. What is the monthly payment on a $50,000 home equity line of credit? If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
an hour ago
- Yahoo
Kering in talks with Qatar for sale of Milan building, Corriere says
ROME (Reuters) -Gucci-owner Kering is in talks with a member of the Qatari royal family for the sale of a building in Milan's top shopping avenue, Italian daily Corriere della Sera reported on Saturday. The deal could help the French luxury group cut its debt, which ballooned to more than 10 billion euros ($11.58 billion) in 2024, following a series of expensive acquisitions. Among them was the 18th century property in Via Montenapoleone, which the French group bought from Blackstone for 1.3 billion euros in April last year. Corriere said Kering was looking at selling a majority stake in the company through which it owns the building, based on a "similar valuation". It added that the buyer would be a vehicle linked to former Qatari Prime Minister and real estate billionaire Hamad bin Jassim bin Jaber Al-Thani. Kering declined to comment on the report. It was not immediately possible to contact Al-Thani for a comment. In April, when Corriere first reported about a possible Qatari-Kering deal for the Via Montenapoleone property, the Qatar Investment Authority denied it had any interest. Kering, which appointed former Renault CEO Luca de Meo to lead the group from September, is under pressure to trim debt and revive declining sales, particularly at its top brand Gucci. ($1 = 0.8633 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
