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Rates in this article are daily averages based on Better Mortgage data, not APRs. Actual rates vary by borrower.
The average interest rate on a 30-year fixed mortgage is 6.59% today, and the average 15-year fixed rate is 6.16%. Refinance rates are running a bit higher: the 30-year fixed refinance averages 6.71%, and the 15-year fixed refinance averages 6.01%. A 5/1 ARM is averaging around 6.25%.
These are national averages, not personalized quotes. Your actual rate will depend on your credit score, down payment, loan amount, and lender within the context of national averages.
Rates have held in a fairly narrow band over the past several weeks, and most industry economists expect them to stay above 6% for the rest of the year unless inflation cools meaningfully.
If you're shopping for current mortgage rates on a purchase loan or weighing a refinance, comparing offers from multiple lenders and getting pre-approved can help you understand your real, personalized rate before you commit to anything.
Today's mortgage rates at a glance
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.59% |
| 15-year fixed | 6.16% |
| 5/1 ARM | 6.25% |
| 30-year fixed refinance | 6.71% |
| 15-year fixed refinance | 6.01% |
These rates are national averages. Your actual rate depends on your credit score, down payment, loan amount, and lender.
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What's moving rates this week
Mortgage rates track the bond market more closely than they track the Federal Reserve's benchmark rate. Even with the Fed holding its short-term rate steady at its last meeting, longer-term Treasury yields, which fixed mortgage rates follow more directly, have been drifting based on incoming economic data.
A softer-than-expected jobs report earlier this month pulled yields down slightly, which is part of why rates have eased off their highs from earlier in the year. At the same time, inflation has stayed above the Fed's 2% target, keeping some upward pressure in the mix. The next major data points to watch are the upcoming Consumer Price Index report and next month's jobs report. Both could move rates meaningfully in either direction.
30-year fixed rates are currently sitting near the middle of their range over the past several weeks, among the highest levels in roughly a year, so today's rates aren't at their best point, but they aren't at their worst either.
Should you lock your rate today or wait?
If you're within 30 to 45 days of closing, locking your rate now is usually the lower-risk move. Rates can reprice the same day on a strong jobs number or a hot inflation print, and a small move in either direction adds up over the life of a loan.
If you have more time before closing, it can make sense to watch the data releases above before deciding. Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. This is a market-education point, not a promise. Terms, fees, and eligibility vary by lender, so ask directly about what's available to you.
Either way, it's worth shopping around for mortgage rates rather than accepting the first quote you get. Rate spreads of a quarter to half a percentage point between lenders are common for the same borrower profile, and in some cases mortgage rates are more negotiable than borrowers expect, especially with a competing offer in hand.
30-year fixed vs. 15-year fixed: which one fits you
A 30-year fixed loan spreads your payments over a longer term, which lowers your monthly payment but means you'll pay more interest over the life of the loan. A 15-year fixed loan carries a lower rate. Today, that's 6.16% versus 6.59%. But a meaningfully higher monthly payment because you're paying off the balance twice as fast.
Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.
On a $400,000 loan, a 30-year fixed at 6.59% runs a monthly principal-and-interest payment in the neighborhood of $2,550, while a 15-year fixed at 6.16% would run closer to $3,410 a month, but you'd own the home outright in half the time and pay substantially less interest overall. If you're not sure which fits your budget, a mortgage calculator can help you model both scenarios against your actual numbers.
There's no universally right answer here. It comes down to whether your priority is the lowest possible monthly payment or the lowest total cost over time, and how much flexibility you have in your budget either way.
Refinancing at today's rates
Refinancing only makes sense once your savings outweigh the closing costs on the new loan, a point commonly called the break-even timeline.
If your current rate is well above today's refinance rates, it's worth running the numbers, but if you're only a fraction of a point above today's average, the math may not work once fees are factored in.
A good rule to consider: if refinancing would lower your rate by half a percentage point or more, it's worth a closer look. A refinance calculator can help you estimate your break-even point based on your actual balance, new rate, and closing costs.
For a deeper look at when refinancing actually makes sense, weigh your remaining loan term against how long you plan to stay in the home.
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FHA and VA borrowers: what today's rates mean
Government-backed loans are tracking close to conventional rates today, with 30-year FHA loans averaging 6.17% and 30-year VA loans averaging 6.19%. FHA loans allow lower down payments and more flexible credit requirements, while VA loans (available to eligible service members, veterans, and some surviving spouses) often require no down payment at all.
If you're weighing loan types, compare the full cost picture, not just the rate, including mortgage insurance on FHA loans versus the VA funding fee. Our guides to FHA versus conventional loans and VA loans versus conventional loans break down qualification differences. If you're considering an adjustable option instead of a fixed rate, a 7/6 ARM — fixed for the first seven years before adjusting — is worth understanding alongside the shorter 5/1 ARM structure.
Frequently asked questions
Are mortgage rates going up or down right now, and should I lock in today or wait?
Rates have been relatively stable over the past few weeks, sitting near the middle of their range for the past several months. If you're closing within 30 to 45 days, locking now is generally the lower-risk choice, since rates can move quickly on new economic data.
I have a credit score around 680. What mortgage rate can I actually expect today?
The rates listed here are national averages for borrowers with strong credit and typical down payments. With a credit score around 680, you may see a rate somewhat above today's average, since lenders price in more risk for lower scores. The only way to know your actual rate is to get a personalized quote.
Is it worth refinancing right now if my current rate is 7.2%?
If your current rate is meaningfully above today's average — a gap of half a percentage point or more is a common threshold — it's worth running the break-even math. At 7.2% versus today's 6.71% refinance average, many borrowers would see a worthwhile reduction, but closing costs and how long you plan to stay in the home both factor into the actual savings.
If I lock my rate today and rates drop before closing, am I stuck with the higher rate?
Not necessarily. Many lenders offer float-down options that let you move to a lower rate if rates drop materially before closing, typically for a fee. Terms and eligibility vary by lender, so it's worth asking directly about what's available on your loan.
Why do mortgage rates change every day, and what's moving them this week?
Mortgage rates move with the bond market, particularly long-term Treasury yields, more than they move with the Fed's short-term benchmark rate. This week, a cooler jobs report has helped keep rates from climbing further, while persistent inflation has kept them from dropping much either. Upcoming inflation and employment data are the next likely catalysts.
Bottom line about today's average mortgage rates
Average mortgage rates today are holding in a familiar range: 6.59% for a 30-year fixed, 6.16% for a 15-year fixed, and slightly higher averages for refinances.
Whether you're buying or refinancing, the most useful next step is the same: Compare real mortgage quotes based on your own credit, income, and loan amount, rather than relying on the national average alone.
...in as little as 3 minutes — no credit impact
Rates shown in this article are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.