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The current average mortgage rate on a 30-year fixed mortgage is 6.36% with an APR of 6.39%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.44% with an APR of 5.49%. On a 30-year jumbo mortgage, the average rate is 6.74% with an APR of 6.76%.
30-Year Mortgage Rates Climb 0.81%
Borrowers will pay more in interest this week as the average rate on a 30-year mortgage is 6.36% compared to a rate of 6.31% a week ago.
The APR, which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.39%. The APR was 6.34% last week.
To borrow a $100,000 in a 30-year, fixed-rate mortgage with the current rate of 6.36%, you will pay about $623 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay around $125,017 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 0.46%
Today’s 15-year mortgage (fixed-rate) is 5.44%, up 0.46% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.42%.
The APR on a 15-year fixed is 5.49%. It was 5.46% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.44% will cost $814 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $46,980 in total interest.
Jumbo Mortgage Rates Climb 0.97%
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 6.74%. Last week, the average rate was 6.68%.
If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $648 per month in principal and interest per $100,000 borrowed, which amounts to $133,783 in total interest over the life of the loan.
Trends in Mortgage Rates for 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?
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
One of the first steps in buying a house is budgeting. To get a general idea of how much owning a home will cost, start by using a mortgage calculator to crunch the numbers.
Just input the following data to get an idea of how much a house will cost:
- 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?
Multiple factors affect the interest rate for a mortgage, including the economy’s overall health, benchmark interest rates and borrower-specific factors.
The Federal Reserve’s rate decisions and inflation can influence rates to move higher or lower. Although the Fed raising rates doesn’t directly cause mortgage rates to rise, an increase to its benchmark interest rate makes it more expensive for banks to lend money to consumers. Conversely, rates tend to decrease during periods of rate cuts and cooling inflation.
Home buyers can make several moves to improve their finances and qualify for competitive rates. One is having a good or excellent credit score, which ranges from 670 to 850. Another is maintaining a debt-to-income (DTI) ratio below 43%, which implies less risk of being unable to afford the monthly mortgage payment.
Further, making a minimum 20% down payment can help you avoid private mortgage insurance (PMI) on conventional home loans. If you can afford the larger monthly payment, 15-year home loans have lower rates than a 30-year term.
Frequently Asked Questions (FAQs)
What is a good mortgage rate?
Average 30-year fixed mortgage rates land in the mid-6% range, so any rate at or below this range would be considered a good rate. However, several factors impact mortgage rates, including the repayment term, loan type and borrower’s credit score, so if you are considering applying for a mortgage, it’s a good idea to compare rates from several lenders to find the best rate for your situation.
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.
What’s the difference between a mortgage interest rate and a mortgage APR?
A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money.
Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan’s interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.
Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.