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Currently, the average interest rate on a 30-year fixed mortgage is 6.33%, compared to 6.29% 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 5.42%, down 0.02% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
30-Year Mortgage Rates Climb 0.62%
Borrowers will pay more in interest this week as the average rate on a 30-year mortgage is 6.33% compared to a rate of 6.29% a week ago.
The APR, which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.36%. The APR was 6.32% last week.
To borrow a $100,000 in a 30-year, fixed-rate mortgage with the current rate of 6.33%, you will pay about $621 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay around $124,122 in total interest over the life of the loan.
15-Year Mortgage Rates Drop 0.02%
Today’s 15-year mortgage (fixed-rate) is 5.42%, down 0.02% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.42%.
The APR on a 15-year fixed is 5.46%. It was 5.46% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.42% will cost $813 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $46,712 in total interest.
Jumbo Mortgage Rates Climb 0.18%
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 6.72%—0.18% higher than last week.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.72% will cost you $647 per month in principal and interest per $100,000. That adds up to approximately $133,280 in total interest over the life of the loan.
Overview of 2025 Mortgage Rate Trends to Date
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?
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 difficult to understand what you’re paying for—and what you can truly 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
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.
Will interest rates ever go back to 3%?
The Federal Reserve’s efforts to stabilize the economy during the Covid-19 pandemic drove the historically low rates. As the economy recovers, the unemployment rate decreases and inflation is controlled, rates may dip below current levels, but they’re unlikely to fall as low as 3% again anytime soon.
Should I choose a fixed- or adjustable-rate mortgage?
Choosing between a fixed- or adjustable-rate mortgage (ARM) depends on your financial situation. A fixed-rate mortgage suits those who want consistent monthly payments throughout the loan term without worrying about fluctuations in their rate or payments in response to market changes. If mortgage rates are low, securing a fixed rate can save you money in the long run.
An ARM, on the other hand, may appeal to those who want a lower initial rate and monthly payment. However, you also run the risk of ending up with higher payments if your rate fluctuates. If you expect your income to rise, you may feel confident handling these potential payment increases. These mortgages can also work well for those who plan to live in a home for only a few years, as you might sell or move before the rate adjusts.