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Thirty-year mortgage rates fell to a one-month low today. Currently, the average interest rate on a 30-year fixed mortgage is 6.19%, compared to 6.23% a week ago, according to the Mortgage Research Center.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.32%, up 0.13% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
30-Year Mortgage Rates Drop 0.55%
Borrowers will pay less in interest this week as the average rate on a 30-year mortgage is 6.19% compared to a rate of 6.23% a week ago.
The APR, which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.22%. The APR was 6.26% last week.
To borrow a $100,000 in a 30-year, fixed-rate mortgage with the current rate of 6.19%, you will pay about $612 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay around $120,980 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 0.13%
Today’s 15-year mortgage (fixed-rate) is 5.32%, up 0.13% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.31%.
The APR on a 15-year fixed is 5.36%. It was 5.36% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.32% will cost $807 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $45,779 in total interest.
Jumbo Mortgage Rates Climb 0.86%
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 6.78%—0.86% higher than last week.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.78% will cost you $651 per month in principal and interest per $100,000. That adds up to roughly $134,693 in total interest over the life of the loan.
Trends in Mortgage Rates for 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 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?
The amount of house you can afford depends on a number of factors, including your income and debt.
Here are a few basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
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)
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.
Will interest rates ever go back to 3%?
The Federal Reserve’s efforts to stabilize the economy during the Covid-19 pandemic drove the historically low rates. As the economy recovers, the unemployment rate decreases and inflation is controlled, rates may dip below current levels, but they’re unlikely to fall as low as 3% again anytime soon.
What determines your interest rate?
National average interest rates depend on economic and market conditions, including the bond market, inflation, the economy and Federal Reserve decisions.
Lenders set rates based on the loan type and term. In general, shorter terms tend to come with lower rates. Additionally, making a larger down payment signals less risk to the lender, which could get you a better rate.
Other factors that can impact your rate include your credit score, debt-to-income (DTI) ratio, income and property location.