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The current mortgage rate on a 30-year fixed mortgage rose by 2.00% in the last week to 6.31%, according to the Mortgage Research Center.
Meanwhile, the APR on a 15-year fixed mortgage climbed 0.14 percentage point during the same period to 5.41%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
30-Year Mortgage Rates Climb 2.00%
Today’s average rate on a 30-year, fixed-rate mortgage is 6.31%, which is 2.00% higher than last week.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.34%. The APR was 6.22% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.31% on a $100,000 loan will cost $620 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $123,770.
15-Year Mortgage Rates Climb 2.73%
Today’s 15-year mortgage (fixed-rate) is 5.41%, up 2.73% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.27%.
The APR on a 15-year fixed is 5.46%. It was 5.32% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.41% will cost $812 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $46,693 in total interest.
Jumbo Mortgage Rates Climb 3.15%
The current average interest rate on a 30-year, fixed-rate jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas) is 6.77%—3.15% higher than last week.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.77% will cost you $650 per month in principal and interest per $100,000. That adds up to roughly $134,501 in total interest over the life of the loan.
Mortgage Rate Trends in 2025
After reaching highs in 2024, the average 30-year fixed mortgage rate has remained in the mid-to-high 6% range since late January 2025. The 15-year fixed mortgage rate has hovered between the low-6% and mid-to-high-5% range.
While interest rates have fallen since mid-January 2025, experts expect them to remain relatively steady for the remainder of the year. If the Federal Reserve continues to cut the federal funds rate, it’s possible that mortgage rates will decrease in 2026.
When Can I Expect Mortgage Rates To Drop?
Mortgage rates are influenced by various economic factors, making it difficult to predict when they will drop.
Mortgage rates follow U.S. Treasury bond yields. When bond yields decrease, mortgage rates generally follow suit.
The Federal Reserve’s decisions and global events also play a key role in shaping mortgage rates. If inflation rises or the economy slows, the Fed may lower its federal funds rate. For example, during the Covid-19 pandemic, the Fed reduced rates, which drove interest rates to record lows.
A significant drop in mortgage rates seems unlikely in the near future. However, they may decline if inflation eases or the economy weakens.
How To Calculate Mortgage Payments
Get to know your budget before you look for a house. This will give you an idea of the type of house you can afford. A good place to start is by using a mortgage calculator to get a rough estimate.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
Find the Best Mortgage Lenders of 2025
How Are Mortgage Rates Determined?
Home loan borrowers can qualify for better mortgage rates by having good or excellent credit, maintaining a low debt-to-income (DTI) ratio and pursuing loan programs that don’t charge mortgage insurance premiums or similar ongoing charges that increase the loan’s APR.
Comparing rates from different mortgage lenders is an excellent starting point. You may also compare conventional, first-time homebuyer and government-backed programs like FHA and VA loans, which have different rates and fees.
Several economic factors influence the trajectory of rates for new home loans. For example, Federal Reserve rate hikes indirectly cause the interest rates for many long-term loans to increase. Rates are more likely to decrease when the Fed pauses or decreases its benchmark Federal Funds Rate.
The inflation rate and the general state of the economy also impact interest rates. High inflation and a strong economy typically signal higher rates. Cooling consumer demand or inflation may lead to rate decreases.
Frequently Asked Questions (FAQs)
How do you get a lower mortgage interest rate?
Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less.
Further, making a minimum down payment of 20% on a conventional mortgage can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate.
How long can you lock in a mortgage rate?
Most rate locks last 30 to 60 days and your lender may not charge a fee for this initial period. However, extending the rate lock period up to 90 or 120 days is possible, depending on your lender, but additional costs may apply.
Should I choose a fixed- or adjustable-rate mortgage?
Choosing between a fixed- or adjustable-rate mortgage (ARM) depends on your financial situation. A fixed-rate mortgage suits those who want consistent monthly payments throughout the loan term without worrying about fluctuations in their rate or payments in response to market changes. If mortgage rates are low, securing a fixed rate can save you money in the long run.
An ARM, on the other hand, may appeal to those who want a lower initial rate and monthly payment. However, you also run the risk of ending up with higher payments if your rate fluctuates. If you expect your income to rise, you may feel confident handling these potential payment increases. These mortgages can also work well for those who plan to live in a home for only a few years, as you might sell or move before the rate adjusts.