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Fifteen-year mortgage rates fell to a one-month low today. Currently, the average interest rate on a 30-year fixed mortgage is 6.14%, compared to 6.15% a week ago, according to the Mortgage Research Center.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.27%, down 0.73% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
30-Year Mortgage Rates Drop 0.15%
Today’s 30-year mortgage—the most popular mortgage product—is 6.14%, down 0.15% from a week earlier.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the APR. This week the APR on a 30-year fixed-rate mortgage is 6.17%. Last week, the APR was 6.18%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.14%, your monthly payment will be about $609, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $119,882 in total interest over the life of the loan.
15-Year Mortgage Rates Drop 0.73%
Today’s 15-year mortgage (fixed-rate) is 5.27%, down 0.73% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.31%.
The APR on a 15-year fixed is 5.32%. It was 5.36% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.27% will cost $805 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $45,352 in total interest.
Jumbo Mortgage Rates Drop 0.84%
The average interest rate on the 30-year fixed-rate jumbo mortgage (mortgages above 2025’s conforming loan limit of $806,500 in most areas) fell to 6.59%. Last week, the average rate was 6.65%.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.59% will pay $638 per month in principal and interest per $100,000. That means you’d pay approximately $130,131 in total interest over the life of the loan.
Trends in Mortgage Rates for 2025
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 Can I Expect Mortgage Rates To Drop?
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?
Buying a house is a huge purchase and can put a big dent in your savings. Before you start looking, it’s important to calculate how much house you can afford and you’re willing to spend.
Not only do you want to consider your income and debt, but you also want to factor in emergency savings and any long-term financial goals such as retirement or college.
These are some basic financial 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.
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Frequently Asked Questions (FAQs)
What is a good mortgage rate?
Average 30-year fixed mortgage rates land in the mid-6% range, so any rate at or below this range would be considered a good rate. However, several factors impact mortgage rates, including the repayment term, loan type and borrower’s credit score, so if you are considering applying for a mortgage, it’s a good idea to compare rates from several lenders to find the best rate for your situation.
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.