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Today, the mortgage interest rate on a 30-year fixed mortgage is 6.33%, according to the Mortgage Research Center. On a 15-year fixed mortgage, the average rate is 5.45%, and the average rate on a 30-year jumbo mortgage is 6.50%.
30-Year Mortgage Rates Climb 1.13%
Borrowers will pay more in interest this week as the average rate on a 30-year mortgage is 6.33% compared to a rate of 6.26% a week ago.
The APR, which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.36%. The APR was 6.29% last week.
To borrow a $100,000 in a 30-year, fixed-rate mortgage with the current rate of 6.33%, you will pay about $621 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay around $124,170 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 1.11%
The average interest rate on a 15-year mortgage (fixed-rate) jumped up to 5.45%. This same time last week, the 15-year fixed-rate mortgage was at 5.39%.
On a 15-year fixed, the APR is 5.49%. Last week it was 5.44%.
With an interest rate of 5.45%, you would pay $814 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $46,999 in total interest.
Jumbo Mortgage Rates Drop 4.42%
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 6.5%—4.42% lower than last week.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.5% will cost you $632 per month in principal and interest per $100,000. That adds up to around $127,947 in total interest over the life of the loan.
Overview of 2025 Mortgage Rate Trends to Date
After reaching 7.04% in January, the average interest rate for a 30-year fixed mortgage has steadily remained in the mid-to-high 6% range. The 15-year fixed mortgage rate has hovered between the low-6% and mid-to-high 5% range since its January peak of 6.27%.
Rates have trended downward since mid-January 2025, but experts aren’t forecasting further significant decreases in 2025. Rate drops may continue in 2026, especially if the Federal Reserve continues to cut the federal funds rate down.
When Will Mortgage Rates Go Down?
Mortgage rates are influenced by various economic factors, making it difficult to predict when they will drop.
Mortgage rates follow U.S. Treasury bond yields. When bond yields decrease, mortgage rates generally follow suit.
The Federal Reserve’s decisions and global events also play a key role in shaping mortgage rates. If inflation rises or the economy slows, the Fed may lower its federal funds rate. For example, during the Covid-19 pandemic, the Fed reduced rates, which drove interest rates to record lows.
A significant drop in mortgage rates seems unlikely in the near future. However, they may decline if inflation eases or the economy weakens.
How Much House Can I Afford?
The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.
Here are a few important factors that go into home affordability:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
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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)
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.
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 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.