Mortgage rates this week for a 30-year fixed loan decreased to 6.15%, down from 6.18% last week. This marks the lowest mortgage rate for 2025. For perspective, rates averaged 6.91% during the same period in 2024.
So how does this affect your monthly mortgage payment? And what does it mean for homebuyers?
Here’s the monthly cost of purchasing a typical home today, according to the Realtor.com® mortgage calculator.
The typical monthly payment on a median-priced $415,000 home at today’s 6.15% mortgage rate is roughly $2,022. (That’s assuming a 20% down payment and excluding tax and insurance.)
Last week, a median-priced home at a 6.18% mortgage rate would have cost homebuyers $2,027 per month—$5 more than what buyers would pay today.
Yet, if you examine the peak mortgage rate of 7.79% in October 2023 and then compare those payments with loan installments today, homebuyers are way better off now than they would have been then.
In October 2023, buyers would have paid $2,537 monthly on a $440,950 home with 20% down, which means homebuyers today can save $249 a month—or $2,988 a year—compared with buying when rates peaked.
For most borrowers, FHA loans require a 3.5% down payment.
Assuming a 3.5% down payment and excluding tax and insurance, the typical payment at today’s 6.15% mortgage rate on a median-priced $415,000 home is roughly $2,410 per month.
Last week, a median-priced home at a 6.18% mortgage rate would have cost homebuyers $2,416 per month—$6 more than what buyers would pay today.
Nonetheless, mortgage payments at today’s rates on a median-priced home are still a $300-per-month improvement over October 2023, when a median-priced home at a 7.79% mortgage rate would have cost homebuyers $3,060 per month.
When you multiply these monthly savings by 30 years, they add up dramatically.
If you buy a $415,000 house at today’s 6.15% rate with a 20% down payment, you’ll pay a total of $727,920 over the life of a 30-year loan.
If you’d bought that same $440,950 home with 20% down in October 2023, when rates peaked at 7.79%, that loan would end up costing you $913,310.
Total savings over 30 years: $185,390.
Now, let’s turn our attention to FHA loans.
If you put down 3.5% on a $415,000 house financed at 6.15% today, you’ll pay $867,600 over the life of the loan. If you’d put down 3.5% on a $440,950 home in October 2023, when rates peaked at 7.79%, you’d pay $1,101,679.
Total savings over 30 years: $234,079.