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Fifteen-year mortgage rates hit a one-month high today. Today, the mortgage interest rate on a 30-year fixed mortgage is 6.35%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 5.50%. On a 30-year jumbo mortgage, the average rate is 6.53%.
30-Year Mortgage Rates Climb 2.52%
Today’s average rate on a 30-year, fixed-rate mortgage is 6.35%, which is 2.52% higher than last week.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.38%. 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 6.35% on a $100,000 loan will cost $622 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 $124,593.
15-Year Mortgage Rates Climb 3.50%
Today’s 15-year mortgage (fixed-rate) is 5.5%, up 3.50% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.32%.
The APR on a 15-year fixed is 5.55%. It was 5.36% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.5% will cost $817 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $47,524 in total interest.
Jumbo Mortgage Rates Drop 3.72%
Today’s 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) fell 3.72% from last week to 6.53%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.53% will pay approximately $634 per month in principal and interest per $100,000 borrowed. That would be $128,587.
Overview of 2025 Mortgage Rate Trends to Date
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.
What Affects Mortgage Rates?
The Federal Reserve’s restrictive monetary policy – including its interest rate hikes, which it’s using to restrain inflation – is the primary factor that’s pushing long-term mortgage rates higher. The state of the economy and housing market also affects mortgage rates. As for what interest rate the lender might offer you, this depends on your debt-to-income (DTI) ratio and credit score, both of which indicate your risk as a borrower.
Related: Mortgage Rates Forecast And Trends
How To Compare Mortgage Rates
Shop around and talk to various lenders to get a sense of each company’s mortgage loan offerings and services. Don’t go with the first lender quote you receive; instead, compare the best mortgage rate quotes to get a deal. In particular, consider what fees they charge, what fees they’re willing to waive and what closing assistance they might provide. Make sure any special offers or discounts don’t come at the cost of a higher mortgage rate.
Be sure to apply with each lender within a 45-day window. During this window, you can have multiple lenders pull your credit history without additional impact on your credit score.
Is This a Good Time To Buy a House?
Mortgage rates remain elevated, and the nation’s housing supply remains limited. The low inventory is preventing house prices from dropping. Meanwhile, the combination of high mortgage rates and appreciated home values will continue to present an obstacle for many prospective homebuyers seeking affordable housing.
Find the Best Mortgage Lenders
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)
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.
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.