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Thirty-year mortgage rates fell to a one-year low today. Currently, the average interest rate on a 30-year fixed mortgage is 6.14%, compared to 5.25% 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 5.29%, down 19.47% 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 17.07%
Today’s 30-year mortgage—the most popular mortgage product—is 6.14%, up 17.07% 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 6.17%. Last week, the APR was 5.29%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.14%, your monthly payment will be about $609, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $119,882 in total interest over the life of the loan.
15-Year Mortgage Rates Drop 19.47%
Today’s 15-year mortgage (fixed-rate) is 5.29%, down 19.47% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.56%.
The APR on a 15-year fixed is 5.33%. It was 6.58% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 5.29% will cost $806 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $45,485 in total interest.
Jumbo Mortgage Rates Climb 8.40%
Today’s 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) climbed 8.40% from last week to 6.67%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.67% will pay approximately $644 per month in principal and interest per $100,000 borrowed. That would be $132,157.
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 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 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?
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.
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.