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The current average mortgage rate on a 30-year fixed mortgage is 6.39% with an APR of 6.42%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.42% with an APR of 5.47%. On a 30-year jumbo mortgage, the average rate is 6.71% with an APR of 6.73%.
30-Year Mortgage Rates Climb 0.47%
Today’s average rate on a 30-year mortgage (fixed-rate) dropped to 6.35% from 6.37% yesterday. Last week, the 30-year fixed was 6.36%.
The APR on a 30-year, fixed-rate mortgage is 6.42%. The APR was 6.39% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.39%, a 30-year fixed mortgage of $100,000 costs approximately $625 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $125,559 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 1.02%
The average interest rate on a 15-year mortgage (fixed-rate) rose to 5.42%. This same time last week, the 15-year fixed-rate mortgage was at 5.37%.
On a 15-year fixed, the APR is 5.47%. Last week it was 5.41%.
With an interest rate of 5.42%, you would pay $813 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $46,779 in total interest.
Jumbo Mortgage Rates Climb 0.99%
On a 30-year jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas), the average interest rate increased to 6.71%, higher than it was at this time last week. The average rate was 6.64% at this time last week.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.71% will pay $646 per month in principal and interest per $100,000. That means you’d pay approximately $132,921 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 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
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
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)
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’s the difference between a mortgage interest rate and a mortgage APR?
A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money.
Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan’s interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.
Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.