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Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.29%, up 0.93% 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 often have a lower rate than a 30-year, fixed-rate home loan. The average APR on a 15-year fixed mortgage is 5.46%. 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.

30-Year Mortgage Rates Climb 0.93%

Borrowers paid an average rate of 6.29% on a 30-year mortgage. This was up from the previous week’s rate of 6.23%.

Currently, the average APR on a 30-year fixed-rate mortgage is 6.31%. This is higher than last week when the APR was 6.26%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.

To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.29% will cost you about $618 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $123,159 in total interest over the life of the loan.

15-Year Mortgage Rates Climb 0.82%

The average interest rate on a 15-year mortgage (fixed-rate) increased to 5.41%. This same time last week, the 15-year fixed-rate mortgage was at 5.37%.

The APR on a 15-year fixed is 5.46%. It was 5.42% this time last week.

At today’s interest rate of 5.41%, a 15-year fixed-rate mortgage would cost approximately $812 per month in principal and interest per $100,000. You would pay around $46,684 in total interest over the life of the loan.

Jumbo Mortgage Rates Drop 1.84%

On a 30-year jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas), the average interest rate dropped to 6.35%, lower than it was at this time last week. The average rate was 6.47% at this time last week.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.35% will pay $622 per month in principal and interest per $100,000. That means you’d pay around $124,334 in total interest over the life of the loan.

Mortgage Rate Trends in 2025

After reaching highs in 2024, the average 30-year fixed mortgage rate has remained in the mid-to-high 6% range since late January 2025. The 15-year fixed mortgage rate has hovered between the low-6% and mid-to-high-5% range.

While interest rates have fallen since mid-January 2025, experts expect them to remain relatively steady for the remainder of the year. If the Federal Reserve continues to cut the federal funds rate, it’s possible that mortgage rates will decrease in 2026.

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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 tricky 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?

Multiple factors affect the interest rate for a mortgage, including the economy’s overall health, benchmark interest rates and borrower-specific factors.

The Federal Reserve’s rate decisions and inflation can influence rates to move higher or lower. Although the Fed raising rates doesn’t directly cause mortgage rates to rise, an increase to its benchmark interest rate makes it more expensive for banks to lend money to consumers. Conversely, rates tend to decrease during periods of rate cuts and cooling inflation.

Home buyers can make several moves to improve their finances and qualify for competitive rates. One is having a good or excellent credit score, which ranges from 670 to 850. Another is maintaining a debt-to-income (DTI) ratio below 43%, which implies less risk of being unable to afford the monthly mortgage payment.

Further, making a minimum 20% down payment can help you avoid private mortgage insurance (PMI) on conventional home loans. If you can afford the larger monthly payment, 15-year home loans have lower rates than a 30-year term.

Frequently Asked Questions (FAQs)