Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
Fifteen-year mortgage rates hit a one-month high today. The current mortgage rate on a 30-year fixed mortgage rose by 0.54% in the last week to 6.36%, 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 5.46%.
For existing homeowners, compare your current mortgage rates with today’s refinance rates.
30-Year Mortgage Rates Climb 0.54%
Today’s 30-year mortgage—the most popular mortgage product—is 6.36%, up 0.54% from a week earlier.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the APR. This week the APR on a 30-year fixed-rate mortgage is 6.39%. Last week, the APR was 6.36%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.36%, your monthly payment will be about $623, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $124,946 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 0.79%
Today’s 15-year mortgage (fixed-rate) is 5.46%, up 0.79% 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 5.51%. It was 5.46% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.46% 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 $47,142 in total interest.
Jumbo Mortgage Rates Climb 0.52%
On a 30-year jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas), the average interest rate inched up to 6.76%, higher than it was at this time last week. The average rate was 6.72% at this time last week.
Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.76% will pay $649 per month in principal and interest per $100,000. That means you’d pay roughly $134,094 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.
How To Calculate Mortgage Payments
Mortgages and mortgage lenders are often a part of purchasing a home, but it can be tough 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)
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.
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.
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.