Today’s mortgage rates are ticking upward again. With 30-year fixed rates now at 6.125%, many buyers are rethinking how—and when—to finance their next home.
Let’s break down the latest numbers, what’s driving them, and how to get the best deal despite the turbulence.
Current mortgage rate snapshot
According to Zillow Home Loans, here’s where key mortgage rates stand as of September 15, 2025:
- 30-Year Fixed: 6.125% (APR 6.267%)
- 15-Year Fixed: 5.250% (APR 5.542%)
- 30-Year FHA: 5.750% (APR 6.460%)
- 30-Year VA: 6.000% (APR 6.273%)
- 20-Year Fixed: 5.625% (APR 5.865%)
These figures include typical points and fees. For example, the 30-year fixed rate comes with about 1.488 points—which equals roughly $4,092 on a standard loan.
What’s pushing mortgage rates higher?
Two major factors are at play:
1. Fed concern over housing weakness
New remarks from the Federal Reserve highlight ongoing instability in the housing market. The Fed’s July meeting notes cited “weakened demand,” rising inventory, and falling prices as growing risks for the broader economy.
This hasn’t led to rate cuts, though. If anything, the Fed seems cautious about stimulating the housing market prematurely—especially with inflation still above target.
2. Market adjustments to inflation and economic slowdown
While inflation has cooled slightly, it remains sticky, and investors are pricing in slower growth. As a result, long-term borrowing costs—including mortgage rates—have edged higher to reflect economic uncertainty.
Tips to get a lower mortgage rate
Even in a high-rate environment, borrowers can take steps to score a better deal:
- Boost your credit score: The higher your score, the lower the risk for lenders—and the better your rate.
- Increase your down payment: Lenders offer more favorable terms if you put more money down.
- Lower your debt-to-income ratio: Pay down debts to improve your loan profile.
- Compare loan types: FHA or VA loans might offer lower rates if you qualify.
Zillow also offers a BuyAbility tool that generates a custom rate based on your credit, income, and location.
Should you lock in now—or wait?
If you’re ready to buy, it may be wise to lock in a rate soon. The Fed isn’t signaling any immediate cuts, and ongoing market volatility could push rates even higher.
But if you’re not in a rush, waiting for winter—typically a slower buying season—might offer both better prices and slightly lower rates, depending on how the economy responds.