As of today mortgage rates are holding steady, with the popular 30-year fixed loan sitting at 6%, according to Zillow Home Loans. That’s the lowest level since October 2024, giving potential buyers a rare window to lock in more favorable terms.
Today’s mortgage rates: Where things stand
Here are the latest average rates from Zillow:
- 30-year fixed: 6.000% (APR: 6.182%)
- 15-year fixed: 5.250% (APR: 5.508%)
- 30-year FHA: 5.625% (APR: 6.323%)
- 30-year VA: 5.875% (APR: 6.174%)
- 20-year fixed: 5.875% (APR: 6.079%)
- 7-year ARM: 5.875%
These rates are current as of September 9, 2025. Actual offers may vary based on credit profile, down payment, and location.
Rates hit a 12-month low—but why?
Mortgage rates just saw their biggest single-day drop in over a year, largely due to a weaker-than-expected jobs report. Economists now expect the Federal Reserve to signal a rate cut when it meets on September 17—adding more downward pressure on borrowing costs.
Still, experts say not to expect rates to return to pandemic-era lows.
“Even in anticipation of rate cuts, consumers should view 6% as the new normal through early next year,” said Lawrence Yun, chief economist at the National Association of Realtors.
How to get a better mortgage rate right now
If you’re shopping for a mortgage this fall, these strategies can help lower your rate:
1. Improve your credit score
- A score above 740 can significantly lower your rate.
- For example, a borrower with a 780+ credit score may get a 30-year fixed at 6.19%, versus 6.39% for someone with a score below 740.
- Fix errors, pay bills on time, and keep debt below 30% of your credit limit.
2. Make a bigger down payment
- Putting down 20% or more can reduce your rate and help you avoid private mortgage insurance (PMI).
- The average down payment in 2024 was 18%, but first-time buyers typically put down just 9%.
3. Consider an ARM or shorter loan term
- Adjustable-rate mortgages (ARMs), like the 7/6 ARM at 5.59%, can offer lower initial payments.
- A 15-year fixed loan also comes with a lower rate (currently 5.25%) and big long-term interest savings—if you can handle the higher monthly payment.
Should you lock in your rate now?
With the Fed’s decision looming and rates at a 12-month low, locking in now could make sense—especially if you’re close to closing. However, if you’re still shopping and believe the Fed will move aggressively on rate cuts, you might wait a few more weeks.
Key takeaways for buyers
- Rates are low relative to the last 12 months, but may not drop much further.
- Your credit score, down payment, and loan type can make a major difference.
- Don’t assume a 30-year fixed is your only option—explore ARMs or shorter-term loans.
- The next key date to watch: September 17, when the Fed meets again.