Mortgage rates fell sharply this week, offering a rare window of relief for homebuyers and homeowners looking to refinance. The national average 30-year fixed mortgage rate dropped 28 basis points over the last week, landing at 6.59% as of today, according to Zillow.
The 15-year fixed rate also declined by 27 basis points, reaching 5.91%. Adjustable-rate mortgages (ARMs) and VA loans saw similar downward trends.
Today’s mortgage rates snapshot
Here’s where mortgage rates stand nationally, based on the latest Zillow data:
- 30-year fixed: 6.59%
- 20-year fixed: 6.20%
- 15-year fixed: 5.91%
- 5/1 ARM: 6.75%
- 7/1 ARM: 6.70%
- 30-year VA: 6.14%
- 15-year VA: 5.61%
- 5/1 VA: 6.24%
Today’s mortgage rates show a broad decline after weeks of volatility. Experts say now could be a smart time to lock in a rate, though upcoming economic data releases could shift markets again.
Refinance rates today
Mortgage refinance rates also dipped:
- 30-year fixed refinance: 6.68%
- 20-year fixed refinance: 6.36%
- 15-year fixed refinance: 6.01%
- 5/1 ARM refinance: 7.24%
- 7/1 ARM refinance: 7.44%
- 30-year VA refinance: 6.20%
- 15-year VA refinance: 5.86%
- 5/1 VA refinance: 6.33%
Refinance rates often run slightly higher than purchase rates, but today’s averages show attractive options for homeowners who missed earlier opportunities to refinance.
Why mortgage rates are falling
Several factors are cooling mortgage rates:
- Bond yields have dipped, responding to fears of slower economic growth.
- Inflation concerns remain high, but recent indicators show mixed signals.
- Tariff worries linked to President Donald Trump’s trade policies are driving market uncertainty.
Experts also note that mortgage rates closely track 10-year Treasury yields, not the Federal Reserve’s rate directly. As long as economic forecasts remain shaky, mortgage rates could continue to drift lower.
Still, rates are unlikely to return to the pandemic-era lows near 3%.
“Buyers waiting for 3% rates again are wasting time. Those days are gone,” says Nicole Rueth, Senior Vice President at Movement Mortgage.
30-year fixed mortgage rates
The 30-year fixed mortgage remains the most popular option. Rates for this term average 6.59% today, offering borrowers predictable payments over three decades.
The trade-off? A higher interest rate compared to shorter terms, and much more total interest paid over the life of the loan.
15-year fixed mortgage rates
Today’s 15-year fixed mortgage rate averages 5.91%. These loans come with higher monthly payments but offer lower rates and major long-term savings on interest.
Homeowners choosing a 15-year term will also build equity much faster.
Adjustable-rate mortgages (ARMs)
Rates on adjustable-rate mortgages, like the 5/1 ARM and 7/1 ARM, are slightly higher today than some fixed-rate options. For example, the 5/1 ARM sits at 6.75%.
ARMs can make sense for buyers planning to move or refinance before the rate resets. However, the unpredictability after the fixed period makes them riskier long term.
Will mortgage rates keep falling?
Most experts predict 30-year fixed mortgage rates will hover between 6.5% and 7% through the rest of 2025.
While small dips are likely as the economy cools, major rate cuts depend on broader financial trends — including inflation, employment, and geopolitical factors like tariffs.
If economic conditions worsen and recession fears deepen, mortgage rates could fall slightly. Otherwise, stability around today’s levels seems likely.
How to get the best mortgage rate
To lock in the lowest possible mortgage or refinance rate, experts recommend:
- Improving your credit score
- Reducing your debt-to-income ratio
- Shopping around and comparing lender offers
- Considering shorter terms like a 15-year fixed loan
Use a mortgage calculator to estimate your monthly payment based on today’s rates, including insurance, taxes, and PMI if applicable.
Final thoughts
Mortgage rates today offer a glimmer of good news for homebuyers and refinancers. With 30-year and 15-year rates dipping sharply, now could be a smart time to lock in a rate — especially with more economic turbulence ahead.
As always, work with a trusted lender and review all your options carefully before making a move.
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