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Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.68%, up 0.72% from the previous week, according to the Mortgage Research Center.

Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, which will generally have a lower rate than a 30-year, fixed-rate home loan. The average APR on a 15-year fixed mortgage is 5.72%. But keep in mind that you’ll have higher monthly payments since you’re paying off your loan in half the time (15 years versus 30 years).

If you want to refinance your existing mortgage, check out the average refinance rate.

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30-Year Mortgage Rates Climb 0.72%

Today, the average rate on a 30-year mortgage is 6.68%, compared to last week when it was 6.63%.

The APR on a 30-year, fixed-rate mortgage is 6.71%. The APR was 6.66% last week. APR is the all-in cost of your loan.

With today’s interest rate of 6.68%, a 30-year fixed mortgage of $100,000 costs approximately $644 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $132,491 in total interest over the life of the loan.

15-Year Mortgage Rates Climb 0.82%

Today, the 15-year mortgage rate rose to 5.67%, higher than it was yesterday. Last week, it was 5.63%.

On a 15-year fixed, the APR is 5.72%. Last week it was 5.67%.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.67% will cost $826 per month in principal and interest. Over the life of the loan, you would pay $49,214 in total interest.

Jumbo Mortgage Rates Drop 0.43%

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) fell 0.43% from last week to 6.95%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.95% will pay approximately $662 per month in principal and interest per $100,000 borrowed. That would be $138,760.

Mortgage Rate Trends in 2025

Although mortgage rates mainly fell after reaching a high in spring 2024, they surged again in October 2024. This is despite the Federal Reserve’s cuts to the federal funds rate (its benchmark interest rate) in September, November and December 2024.

While rates have fallen somewhat since mid-January 2025, experts don’t expect them to drop significantly anytime soon.

When Can I Expect Mortgage Rates To Drop?

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 To Calculate Mortgage Payments

Get to know your budget before you look for a house. This will give you an idea of the type of house you can afford. A good place to start is by using a mortgage calculator to get a rough estimate.

Simply input the following information:

• Home price
• Down payment amount
• Interest rate
• Loan term
• Taxes, insurance and any HOA fees

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.

What Type of Mortgage Is Best for You?

Conventional home loans are issued by private lenders and typically require good or excellent credit and a minimum 20% down payment to get the best rates. Some lenders offer first-time home buyer loans and grants with relaxed down payment requirements as low as 3%.

For buyers with limited credit or finances, a government-backed loan is usually the better option as the minimum loan requirements are easier to satisfy.

For example, FHA loans can require 3.5% down with a minimum credit score of 580 or at least 10% down with a credit score between 500 and 579. However, upfront and annual mortgage insurance premiums can apply for the life of the loan.

Buyers in eligible rural areas with a moderate income or lower may also consider USDA loans. This program doesn’t require a down payment, but you pay an upfront and annual guarantee fee for the life of the loan.

If you come from a qualifying military background, VA loans can be your best option. First, you don’t need to make a down payment in most situations. Second, borrowers pay a one-time funding fee but don’t pay an annual fee as the FHA and USDA loan programs require.

Frequently Asked Questions (FAQs)