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Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.24%, down 2.06% from the previous week, according to the Mortgage Research Center.
Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, which will generally have a lower rate than a 30-year, fixed-rate home loan. The average APR on a 15-year fixed mortgage is 5.42%. But keep in mind that you’ll have higher monthly payments since you’re paying off your loan in half the time (15 years versus 30 years).
If you want to refinance your existing mortgage, check out the average refinance rate.
30-Year Mortgage Rates Drop 2.06%
Today, the average rate on a 30-year mortgage is 6.24%, compared to last week when it was 6.37%.
The APR on a 30-year, fixed-rate mortgage is 6.27%. The APR was 6.4% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.24%, a 30-year fixed mortgage of $100,000 costs approximately $615 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $122,174 in total interest over the life of the loan.
15-Year Mortgage Rates Drop 1.50%
Today’s 15-year mortgage (fixed-rate) is 5.37%, down 1.50% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.45%.
The APR on a 15-year fixed is 5.42%. It was 5.5% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.37% will cost $810 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $46,302 in total interest.
Jumbo Mortgage Rates Drop 0.04%
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 6.76%—0.04% lower than last week.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.76% will cost you $650 per month in principal and interest per $100,000. That adds up to roughly $134,262 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?
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 To Calculate Mortgage Payments
Before you look for a house, you should get to know your budget. 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
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.
Find the Best Mortgage Lenders of 2025
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.