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Today, the mortgage interest rate on a 30-year fixed mortgage is 6.51%, according to the Mortgage Research Center. On a 15-year fixed mortgage, the average rate is 5.49%, and the average rate on a 30-year jumbo mortgage is 6.69%.

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30-Year Mortgage Rates Drop 0.91%

Borrowers will pay less in interest this week as the average rate on a 30-year mortgage is 6.51% compared to a rate of 6.57% a week ago.

The APR, which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.54%. The APR was 6.6% last week.

To borrow a $100,000 in a 30-year, fixed-rate mortgage with the current rate of 6.51%, you will pay about $632 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay around $128,397 in total interest over the life of the loan.

15-Year Mortgage Rates Drop 0.33%

Today’s 15-year mortgage (fixed-rate) is 5.49%, down 0.33% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.51%.

The APR on a 15-year fixed is 5.54%. It was 5.55% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 5.49% will cost $816 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $47,429 in total interest.

Jumbo Mortgage Rates Drop 0.19%

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 6.69%—0.19% lower than last week.

A 30-year jumbo mortgage at today’s fixed interest rate of 6.69% will cost you $644 per month in principal and interest per $100,000. That adds up to approximately $132,419 in total interest over the life of the loan.

Mortgage Rate Trends in 2025

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 high-5% range since its January peak of 6.27%.

While rates dropped in mid-January 2025, experts aren’t forecasting a significant decrease in the near future.

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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

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?

As you compare lenders, consider getting rate quotes for several loan programs. In addition to comparing rates and fees, these programs can have flexible down payment and credit requirements that make qualifying easier.

Conventional mortgages are likely to offer competitive rates when you have a credit score between 670 and 850, although it’s possible to qualify with a minimum score of 620. This home loan type also doesn’t require annual fees when you have at least 20% equity and waive PMI.

Several government-backed programs are better when you want to make little or no down payment:

• FHA loans. Borrowers with a credit score above 580 only need to put 3.5% down and applicants with credit scores ranging from 500 to 579 are only required to make a 10% down payment with FHA loans.
• VA loans. Servicemembers, veterans and qualifying spouses don’t need to make a down payment when the sales price is less than the home’s appraisal value. VA loan credit requirements vary by lender.
• USDA loans. Applicants in eligible rural areas can buy or build a home with no money down using a USDA loan. Moderate-income borrowers can qualify for a 30-year fixed-rate term through the Guaranteed Loan Program. Further, buyers with a very low or low income can receive a 33-year term and payment assistance is available through the agency’s Direct Loans program. Credit requirements differ by lender.

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