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Currently, the average interest rate on a 30-year fixed mortgage is 6.83%, compared to 6.77% 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 5.77%, down 1.08% 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.

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30-Year Mortgage Rates Climb 0.93%

Borrowers will pay more in interest this week as the average rate on a 30-year mortgage is 6.83% compared to a rate of 6.77% a week ago.

The APR, which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.86%. The APR was 6.8% last week.

To borrow a $100,000 in a 30-year, fixed-rate mortgage with the current rate of 6.83%, you will pay about $654 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay around $136,206 in total interest over the life of the loan.

15-Year Mortgage Rates Drop 1.08%

Today’s 15-year mortgage (fixed-rate) is 5.77%, down 1.08% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.84%.

The APR on a 15-year fixed is 5.82%. It was 5.89% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 5.77% will cost $832 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $50,188 in total interest.

Jumbo Mortgage Rates Climb 0.63%

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 7.24%—0.63% higher than last week.

A 30-year jumbo mortgage at today’s fixed interest rate of 7.24% will cost you $681 per month in principal and interest per $100,000. That adds up to around $145,754 in total interest over the life of the loan.

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 Will Mortgage Rates Go Down?

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

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

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)