Mortgage Rates Today: November 7, 2025 – Rates Stand Still

The current average mortgage rate on a 30-year fixed mortgage is 6.29%, compared to 6.31% a week earlier, according to the Mortgage Research Center.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.42%, up 0.07% from the previous week.

If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates. 

30-Year Mortgage Rates Drop 0.36%

Today’s average rate on a 30-year mortgage (fixed-rate) decreased to 6.29% from 6.33% yesterday. This time last week, the 30-year fixed was 6.31%.

The APR on a 30-year fixed moved down to 6.32%. This time last week, it was 6.34%. APR is the all-in cost of your loan.

At an interest rate of 6.29%, a 30-year fixed mortgage would cost $618 per month in principal and interest (taxes and fees not included) per $100,000 borrowed, according to the Forbes Advisor mortgage calculator. You’d pay about $123,182 in total interest over the life of the loan per $100,000 borrowed. 

15-Year Mortgage Rates Climb 0.07%

The average interest rate on a 15-year mortgage (fixed-rate) inched up to 5.42%. This same time last week, the 15-year fixed-rate mortgage was at 5.41%.

On a 15-year fixed, the APR is 5.46%. Last week it was 5.46%.

With an interest rate of 5.42%, you would pay $813 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $46,703 in total interest. 

Jumbo Mortgage Rates Drop 0.90%

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 6.71%. Last week, the average rate was 6.77%.

If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $646 per month in principal and interest per $100,000 borrowed, which amounts to $132,993 in total interest over the life of the loan.

Mortgage Rate Trends in 2025 

After reaching 7.04% in January, the average interest rate for a 30-year fixed mortgage has steadily remained in the mid-to-high 6% range. The 15-year fixed mortgage rate has hovered between the low-6% and mid-to-high 5% range since its January peak of 6.27%.

Rates have trended downward since mid-January 2025, but experts aren’t forecasting further significant decreases in 2025. Rate drops may continue in 2026, especially if the Federal Reserve continues to cut the federal funds rate down.

When Will Mortgage Rates Go Down? 

Various economic factors influence mortgage rates, making it challenging to forecast when rates will drop.

The Federal Reserve’s decisions significantly impact mortgage rates. In response to inflation or an economic downturn, the Fed may lower its federal funds rate, prompting lenders to reduce mortgage rates.

Mortgage rates also track U.S. Treasury bond yields. If bond yields drop, mortgage rates typically follow suit.

Finally, global events that cause financial disruptions can affect mortgage rates. For example, the Covid-19 pandemic led to record-low interest rates when the Fed cut rates.

While a significant decrease in mortgage rates is unlikely in the near future, they may start to decline if inflation eases or the economy weakens. 

How Much House Can I Afford? 

Everyone’s budget and financial goals vary. How much house you can afford comes down to a number of factors, including what you earn and what you owe. You’ll also want to consider how much you want to save for retirement, school and other expenses down the road.

Here are a few basic factors that go into what you can afford:

• Income 
• Debt 
• Debt-to-income ratio (DTI) 
• Down payment 
• Credit score

How Are Mortgage Rates Determined?

Mortgage interest rates are determined by several factors, including some that borrowers can’t control:

• Federal Reserve. The Fed rate hikes and decreases adjust the federal funds rate, which helps determine the benchmark interest rate that banks lend money at. As a result, mortgage rates tend to move in the same direction with the Fed’s rate decision. 
• Bond market. Mortgages are also loosely connected to long-term bond yields as investors look for income-producing assets—specifically, the 10-year U.S. Treasury Bond. Home loan rates tend to increase as bond prices decrease, and vice versa. 
• Economic health. Rates can increase during a strong economy when consumer demand is higher and unemployment levels are lower. Anticipate lower rates as the economy weakens and there is less demand for mortgages. 
• Inflation. Banks and lenders may increase rates during inflationary periods to slow the rate of inflation. Additionally, inflation makes goods and services more expensive, reducing the dollar’s purchasing power.

While the above factors set the base interest rate for new mortgages, there are several areas that borrowers can focus on to get a lower rate:

• Credit score. Applicants with a credit score of 670 or above tend to have an easier time qualifying for a better interest rate. Typically, most lenders require a minimum score of 620 to qualify for a conventional mortgage. 
• Debt-to-income (DTI) ratio. Lenders may issue mortgages to borrowers with a DTI of 50% or less. However, applying with a DTI below 43% is recommended. 
• Loan-to-value (LTV) ratio. Conventional home loans charge private mortgage insurance when your LTV exceeds 80% of the appraisal value, meaning you need to put at least 20% down to avoid higher rates. Additionally, FHA mortgage insurance premiums expire after the first 11 years when you put at least 10% down. 
• Loan term. Longer-term loans such as a 30-year or 20-year mortgage tend to charge higher rates than a 15-year loan term. However, your monthly payment can be more affordable over a longer term. 
• Residence type. Interest rates for a primary residence can be lower than a second home or an investment property. This is because the lender of your primary mortgage receives compensation first in the event of foreclosure.

Frequently Asked Questions (FAQs)