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The current average mortgage rate on a 30-year fixed mortgage is 6.17%, compared to 6.15% a week earlier, according to the Mortgage Research Center.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.31%, up 0.13% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today’s refinance rates.
30-Year Mortgage Rates Climb 0.26%
Borrowers paid an average rate of 6.17% on a 30-year mortgage. This was up from the previous week’s rate of 6.15%.
Currently, the average APR on a 30-year fixed-rate mortgage is 6.2%. This is higher than last week when the APR was 6.18%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.
To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.17% will cost you about $611 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $120,442 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 0.13%
Today’s 15-year mortgage (fixed-rate) is 5.31%, up 0.13% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.3%.
The APR on a 15-year fixed is 5.36%. It was 5.35% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.31% 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 $45,722 in total interest.
Jumbo Mortgage Rates Climb 0.55%
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) climbed 0.55% from last week to 6.41%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.41% will pay approximately $626 per month in principal and interest per $100,000 borrowed. That would be $125,795.
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 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 To Calculate Mortgage Payments
Mortgages and mortgage lenders are often a part of purchasing a home, but it can be tricky to understand what you’re paying for—and what you can actually afford.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Here’s what you’ll need in order to calculate your monthly mortgage payment:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
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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.
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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 often do mortgage rates change?
Lenders adjust mortgage rates daily based on economic conditions, inflation, bond market movements and Federal Reserve actions.
If you’re shopping around for a mortgage, remember that you might be able to lock in a rate for 30 up to 120 days, depending on the lender. Note that some lenders charge a fee to lock your rate while others offer the service for free.
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.