Mortgage Rates Today: October 2, 2025 – 30-Year and 15-Year Rates Stand Still

The current average mortgage rate on a 30-year fixed mortgage is 6.36%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.37%, while the average rate on a 30-year jumbo mortgage is 6.65%.

If you want to refinance your existing mortgage, check out the average refinance rate.

30-Year Mortgage Rates Drop 0.19%

Today’s 30-year mortgage—the most popular mortgage product—is 6.36%, down 0.19% from a week earlier.

The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the APR. This week the APR on a 30-year fixed-rate mortgage is 6.39%. Last week, the APR was 6.4%.

Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.36%, your monthly payment will be about $623, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $124,970 in total interest over the life of the loan.

15-Year Mortgage Rates Drop 1.09%

The average interest rate on a 15-year mortgage (fixed-rate) fell to 5.37%. This same time last week, the 15-year fixed-rate mortgage was at 5.43%.

The APR on a 15-year fixed is 5.42%. It was 5.48% this time last week.

A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 5.37% will cost $810 per month in principal and interest. Over the life of the loan, you would pay $46,293 in total interest.

Jumbo Mortgage Rates Drop 1.60%

On a 30-year jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas), the average interest rate decreased to 6.65%, lower than it was at this time last week. The average rate was 6.76% at this time last week.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.65% will pay $642 per month in principal and interest per $100,000. That means you’d pay roughly $131,513 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 high-5% range. While interest rates have fallen somewhat since mid-January 2025, experts don’t expect them to drop significantly anytime soon.

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

Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be difficult to understand what you’re paying for—and what you can actually 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?

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?

Many home buyers are eligible for several mortgage loan types. Each program can have its own advantages:

• Conventional mortgage. A conventional home loan is ideal for borrowers with good or excellent credit to qualify for competitive rates. Additionally, making a minimum 20% down payment helps you waive private mortgage insurance premiums.
• FHA loan. An FHA home loan is best when applying with imperfect credit or a low down payment. You can put as little as 3.5% down with a credit score above 580. A minimum 10% down payment is necessary for credit scores ranging from 500 to 579.
• VA loan. Borrowers with a qualifying military background may prefer a VA loan for its flexibility. A down payment may not be required. While you pay a one-time funding fee, there are no ongoing mortgage insurance premiums or service fees.
• USDA loan. Applicants in eligible rural areas can buy or build a home with no down payment, although an upfront and annual guarantee fee applies. Additionally, income requirements apply and this program requires a moderate income or lower.
• Jumbo loan. Homebuyers in a high-cost-of-living area will need to apply for a jumbo loan when the loan amount exceeds the Federal Housing Finance Agency’s conforming loan limits. The limit in most municipalities is $806,500 in 2025.

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