Wed Feb 05 19:20:00 UTC 2025: ## Mortgage Rates Tick Up Slightly Amidst Tariff Uncertainty

**National Desk** – Mortgage rates experienced a minor increase today, according to Zillow data. The 30-year fixed-rate mortgage rose by two basis points to 6.63%, while the 15-year fixed-rate climbed four basis points to 5.93%. These increases are relatively small and come amidst ongoing uncertainty surrounding the impact of President Trump’s tariffs on the US economy.

While some predicted significant rate hikes due to tariffs imposed on Canada, China, and Mexico, the temporary suspension of tariffs on Canada and Mexico, coupled with ongoing negotiations with China, has seemingly dampened the immediate effect. Experts suggest that mortgage rates may remain relatively stable until the long-term consequences of these trade policies become clear.

Consumers concerned about future rate hikes may consider locking in their current rates. Zillow’s data reflects national averages and may vary based on location and individual circumstances. Yahoo Finance offers a free mortgage calculator to help consumers estimate monthly payments considering various factors like interest rates, loan terms, property taxes, and insurance.

The article also explores the advantages and disadvantages of 30-year versus 15-year fixed-rate mortgages and adjustable-rate mortgages (ARMs). Thirty-year mortgages offer lower monthly payments but accrue significantly more interest over the life of the loan. Fifteen-year mortgages have higher monthly payments but result in substantial long-term interest savings. ARMs provide potentially lower initial rates but carry the risk of unpredictable rate changes after an introductory period.

Further information on refinancing options, including rate-and-term refinancing, and choosing the best refinance lender are also highlighted. The article emphasizes that while refinancing can temporarily affect credit scores, the impact is generally minimal and short-lived. Readers are encouraged to utilize available resources to determine the most suitable mortgage option for their individual financial situation.

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