Mortgage rates today are holding firm, with Zillow reporting a 30-year fixed rate of 6% and a 15-year fixed at 5.25%. As the Federal Reserve prepares to make a key rate decision, borrowers and buyers alike are watching closely for signs of relief.
Current mortgage rate averages
As of September 16, 2025, these are the latest national averages from Zillow Home Loans:
- 30-year fixed: 6.000% (APR 6.156%)
- 15-year fixed: 5.250% (APR 5.525%)
- 20-year fixed: 5.625% (APR 5.841%)
- 30-year FHA: 5.625% (APR 6.307%)
- 30-year VA: 6.000% (APR 6.274%)
- 7-year ARM: 5.875% (APR varies)
Each loan type includes points, typically ranging from 1.6 to 1.8, depending on the loan amount.
Rate trends: Holding steady for now
Mortgage rates have hovered in the same range since early August, largely in anticipation of the Federal Reserve’s next move. Economists expect the Fed to announce its first interest rate cut in nine months, a shift that could gradually pull mortgage rates below the key 6% threshold.
“Even a tiny change in the interest rate can make a difference,” said New Orleans broker Debbie Lewis. “Rates have ticked down, and showing activity is already picking up.”
What’s driving rates right now
Several factors are influencing the mortgage market:
- Federal Reserve policy: A rate cut could lower borrowing costs across the board.
- Inflation trends: Cooling inflation gives the Fed more room to ease.
- Housing inventory: More listings are keeping prices from rising sharply, despite stable demand.
- Insurance and regional costs: In markets like New Orleans, high insurance premiums continue to weigh down affordability.
Tips to qualify for a better mortgage rate
Buyers can take action to access better rates—even before the Fed moves:
- Improve your credit score — A higher score shows lenders you’re less risky.
- Increase your down payment — More upfront reduces lender risk and your interest rate.
- Lower your debt-to-income ratio — Less debt improves your loan profile.
Should you lock in your rate now?
If you’re close to buying, locking in a rate now may make sense—especially with the 30-year fixed still at 6%. However, if the Fed cuts rates and market trends continue, rates could fall below 6% by year’s end.
According to the National Association of Realtors, rates dipping even slightly below 6%—say, to 5.99%—could be the psychological trigger that reignites the housing market.