MATIASGUARRO

The current average mortgage rate on a 30-year fixed mortgage is 6.66%, compared to 6.71% a week earlier, according to the Mortgage Research Center.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.73%, down 0.02 percentage point from the previous week.

If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.

!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();

30-Year Mortgage Rates

Today’s 30-year mortgage—the most popular mortgage product—is 6.66%, down 0.04 percentage point 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 annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 6.7%. Last week, the APR was 6.74%.

Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.66%, your monthly payment will be about $643, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $131,417 in total interest over the life of the loan.

15-Year Mortgage Rates

Today’s 15-year mortgage (fixed-rate) is 5.73%, down 0.02 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.75%.

The APR on a 15-year fixed is 5.78%. It was 5.8% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 5.73% will cost $829 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $49,233 in total interest.

Jumbo Mortgage Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage (mortgages above 2025’s conforming loan limit of $806,500 in most areas) fell to 7.06%. Last week, the average rate was 7.13%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 7.06% will pay $669 per month in principal and interest per $100,000. That means you’d pay around $140,889 in total interest over the life of the loan.

How To Calculate Mortgage Payments

Before you look for a house, you should get to know your budget. 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 annual percentage rate (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 Is the Best Type of Mortgage Loan?

Many home buyers are eligible for several mortgage loan types. Each program can have its own advantages:

• Conventional mortgage. A conventional home loan is ideal for borrowers with good or excellent credit to qualify for competitive rates. Additionally, making a minimum 20% down payment helps you waive private mortgage insurance premiums.
• FHA loan. An FHA home loan is best when applying with imperfect credit or a low down payment. You can put as little as 3.5% down with a credit score above 580. A minimum 10% down payment is necessary for credit scores ranging from 500 to 579.
• VA loan. Borrowers with a qualifying military background may prefer a VA loan for its flexibility. A down payment may not be required. While you pay a one-time funding fee, there are no ongoing mortgage insurance premiums or service fees.
• USDA loan. Applicants in eligible rural areas can buy or build a home with no down payment, although an upfront and annual guarantee fee applies. Additionally, income requirements apply and this program requires a moderate income or lower.
• Jumbo loan. Homebuyers in a high-cost-of-living area will need to apply for a jumbo loan when the loan amount exceeds the Federal Housing Finance Agency’s conforming loan limits. The limit in most municipalities is $806,500 in 2025.

Frequently Asked Questions (FAQs)