Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
Thirty-year mortgage rates hit a one-month high today. The current mortgage rate on a 30-year fixed mortgage rose by 0.97% in the last week to 6.37%, according to the Mortgage Research Center.
Meanwhile, the APR on a 15-year fixed mortgage climbed 0.04 percentage point during the same period to 5.45%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
30-Year Mortgage Rates Climb 0.97%
Today’s average rate on a 30-year mortgage (fixed-rate) increased to 6.37% from 6.37% yesterday. This time last week, the 30-year fixed was 6.31%.
On a 30-year fixed mortgage, the APR is 6.4%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
At today’s interest rate of 6.37%, homebuyers will pay $624 per month in principal and interest (taxes and fees not included) for every $100,000 borrowed on their 30-year fixed-rate mortgage, the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan will be approximately $125,276 per $100,000 borrowed.
15-Year Mortgage Rates Climb 0.66%
Today’s 15-year mortgage (fixed-rate) is 5.45%, up 0.66% 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 5.5%. It was 5.46% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.45% will cost $815 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $47,094 in total interest.
Jumbo Mortgage Rates Climb 1.32%
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 6.77%. Last week, the average rate was 6.68%.
If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $650 per month in principal and interest per $100,000 borrowed, which amounts to $134,333 in total interest over the life of the loan.
Mortgage Rate Trends in 2025
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?
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 Much House Can I Afford?
Mortgages and mortgage lenders are often a part of purchasing a home, but it can be tricky to understand what you’re paying for—and what you can actually 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)
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 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.
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.