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Currently, the average interest rate on a 30-year fixed mortgage is 6.22%, compared to 6.2% 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 5.38%, up 0.96% from the previous week.
If you’re thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it’s worth the cost to refinance.
30-Year Mortgage Rates Climb 0.31%
Today’s average rate on a 30-year mortgage (fixed-rate) remained at 6.22% from 6.22% yesterday. One week ago, the 30-year fixed was 6.2%.
The 30-year fixed mortgage APR inched up to 6.25%. At this time last week, it was 6.22%. Here’s why APR is important.
According to the Forbes Advisor mortgage calculator, borrowers will pay $614 per month in principal and interest (taxes and fees not included) for every $100,000 borrowed on their 30-year fixed-rate mortgage at today’s interest rate of 6.22%. You’d pay around $121,541 in total interest over the life of the loan per $100,000 borrowed.
15-Year Mortgage Rates Climb 0.96%
The average interest rate on a 15-year mortgage (fixed-rate) inched up to 5.38%. This same time last week, the 15-year fixed-rate mortgage was at 5.33%.
The APR on a 15-year fixed is 5.43%. It was 5.38% this time last week.
With an interest rate of 5.38%, you would pay $811 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $46,388 in total interest.
Jumbo Mortgage Rates Climb 0.69%
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 6.4%. Last week, the average rate was 6.35%.
If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $625 per month in principal and interest per $100,000 borrowed, which amounts to $125,465 in total interest over the life of the loan.
Trends in Mortgage Rates for 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?
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
To get an estimate of your mortgage costs, using a mortgage calculator can help.
Simply input the following information:
- Home price
- Down payment amount
- Interest rate
- Loan term
- Taxes, insurance and any HOA fees
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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.
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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.
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.