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The current average mortgage rate on a 30-year fixed mortgage is 6.31% with an APR of 6.34%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.42% with an APR of 5.46%. On a 30-year jumbo mortgage, the average rate is 6.68% with an APR of 6.70%.
30-Year Mortgage Rates Climb 0.10%
Today’s average rate on a 30-year, fixed-rate mortgage is 6.31%, which is 0.10% higher than last week.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.34%. The APR was 6.34% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.31% on a $100,000 loan will cost $620 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $123,793.
15-Year Mortgage Rates Drop 0.13%
Today, the 15-year mortgage rate dropped to 5.42%, lower than it was one day ago. Last week, it was 5.43%.
On a 15-year fixed, the APR is 5.46%. Last week it was 5.47%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.42% will cost $813 per month in principal and interest. Over the life of the loan, you would pay $46,731 in total interest.
Jumbo Mortgage Rates Drop 0.83%
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 6.68%. Last week, the average rate was 6.74%.
If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $644 per month in principal and interest per $100,000 borrowed, which amounts to $132,228 in total interest over the life of the loan.
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?
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.
What Affects Mortgage Rates?
The Federal Reserve’s restrictive monetary policy – including its interest rate hikes, which it’s using to restrain inflation – is the primary factor that’s pushing long-term mortgage rates higher. The state of the economy and housing market also affects mortgage rates. As for what interest rate the lender might offer you, this depends on your debt-to-income (DTI) ratio and credit score, both of which indicate your risk as a borrower.
Related: Mortgage Rates Forecast And Trends
How To Compare Mortgage Rates
Shop around and talk to various lenders to get a sense of each company’s mortgage loan offerings and services. Don’t go with the first lender quote you receive; instead, compare the best mortgage rate quotes to get a deal. In particular, consider what fees they charge, what fees they’re willing to waive and what closing assistance they might provide. Make sure any special offers or discounts don’t come at the cost of a higher mortgage rate.
Be sure to apply with each lender within a 45-day window. During this window, you can have multiple lenders pull your credit history without additional impact on your credit score.
Is This a Good Time To Buy a House?
Mortgage rates remain elevated, and the nation’s housing supply remains limited. The low inventory is preventing house prices from dropping. Meanwhile, the combination of high mortgage rates and appreciated home values will continue to present an obstacle for many prospective homebuyers seeking affordable housing.
Find the Best Mortgage Lenders of 2025
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.
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.