MATIASGUARRO

The current mortgage rate on a 30-year fixed mortgage rose by 0.57% in the last week to 6.23%, according to the Mortgage Research Center.

Meanwhile, the APR on a 15-year fixed mortgage climbed 0.06 percentage point during the same period to 5.37%.

For existing homeowners, compare your current mortgage rates with today’s refinance rates.

30-Year Mortgage Rates Climb 0.57%

Today’s average rate on a 30-year, fixed-rate mortgage is 6.23%, which is 0.57% higher than last week.

The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 6.26%. The APR was 6.22% last week.

To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 6.23% on a $100,000 loan will cost $614 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $121,846.

15-Year Mortgage Rates Climb 1.11%

Today’s 15-year mortgage (fixed-rate) is 5.37%, up 1.11% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.31%.

The APR on a 15-year fixed is 5.42%. It was 5.36% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 5.37% will cost $810 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $46,283 in total interest.

Jumbo Mortgage Rates Drop 3.92%

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 6.47%. Last week, the average rate was 6.73%.

If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $630 per month in principal and interest per $100,000 borrowed, which amounts to $127,213 in total interest over the life of the loan.

Trends in Mortgage Rates for 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 mid-to-high 5% range since its January peak of 6.27%.

Rates have trended downward since mid-January 2025, but experts aren’t forecasting further significant decreases in 2025. Rate drops may continue in 2026, especially if the Federal Reserve continues to cut the federal funds rate down.

!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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[“datawrapper-height”][t]+”px”;r.style.height=d}}})}();

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 Much House Can I Afford?

The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.

Here are a few important factors that go into home affordability:

• Income
• Debt
• Debt-to-income ratio (DTI)
• Down payment
• Credit score

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.

Frequently Asked Questions (FAQs)