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The current average mortgage rate on a 30-year fixed mortgage is 6.18%, compared to 6.16% a week earlier, according to the Mortgage Research Center.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.32%, up 0.02% from the previous week.
If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.
30-Year Mortgage Rates Climb 0.44%
Today, the average rate on a 30-year mortgage is 6.18%, compared to last week when it was 6.16%.
The APR on a 30-year, fixed-rate mortgage is 6.21%. The APR was 6.18% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.18%, a 30-year fixed mortgage of $100,000 costs approximately $611 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $120,816 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 0.02%
Today’s 15-year mortgage (fixed-rate) is 5.32%, up 0.02% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.32%.
The APR on a 15-year fixed is 5.37%. It was 5.37% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.32% will cost $808 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $45,855 in total interest.
Jumbo Mortgage Rates Climb 4.61%
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 6.67%—4.61% higher than last week.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.67% will cost you $643 per month in principal and interest per $100,000. That adds up to roughly $131,918 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 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
Mortgages and mortgage lenders are often a necessary 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
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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.
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.