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Today, the mortgage interest rate on a 30-year fixed mortgage is 6.18%, according to the Mortgage Research Center. On a 15-year fixed mortgage, the average rate is 5.34%, and the average rate on a 30-year jumbo mortgage is 6.63%.
30-Year Mortgage Rates Climb 0.49%
Borrowers paid an average rate of 6.18% 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 6.21%. 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 6.18% 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 $120,746 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 0.68%
Today, the 15-year mortgage rate rose to 5.34%, higher than it was one day ago. Last week, it was 5.31%.
The APR on a 15-year fixed is 5.39%. It was 5.36% this time last week.
With an interest rate of 5.34%, you would pay $809 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $46,045 in total interest.
Jumbo Mortgage Rates Drop 0.23%
On a 30-year jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas), the average interest rate dropped to 6.63%, lower than it was at this time last week. The average rate was 6.65% at this time last week.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.63% will pay $641 per month in principal and interest per $100,000. That means you’d pay approximately $131,107 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 To Calculate Mortgage Payments
To get an estimate of your mortgage costs, using a mortgage calculator can help.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
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How Are Mortgage Rates Determined?
Multiple factors affect the interest rate for a mortgage, including the economy’s overall health, benchmark interest rates and borrower-specific factors.
The Federal Reserve’s rate decisions and inflation can influence rates to move higher or lower. Although the Fed raising rates doesn’t directly cause mortgage rates to rise, an increase to its benchmark interest rate makes it more expensive for banks to lend money to consumers. Conversely, rates tend to decrease during periods of rate cuts and cooling inflation.
Home buyers can make several moves to improve their finances and qualify for competitive rates. One is having a good or excellent credit score, which ranges from 670 to 850. Another is maintaining a debt-to-income (DTI) ratio below 43%, which implies less risk of being unable to afford the monthly mortgage payment.
Further, making a minimum 20% down payment can help you avoid private mortgage insurance (PMI) on conventional home loans. If you can afford the larger monthly payment, 15-year home loans have lower rates than a 30-year term.
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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.