Mortgage Rates Today: October 24, 2025 – Rates Hold Steady

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.19%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 5.27%. On a 30-year jumbo mortgage, the average rate is 6.57%.

30-Year Mortgage Rates Drop 1.59%

Today’s 30-year mortgage—the most popular mortgage product—is 6.19%, down 1.59% 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 6.22%. Last week, the APR was 6.32%.

Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.19%, your monthly payment will be about $612, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $120,863 in total interest over the life of the loan.

15-Year Mortgage Rates Drop 1.33%

Today’s 15-year mortgage (fixed-rate) is 5.27%, down 1.33% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.34%.

The APR on a 15-year fixed is 5.32%. It was 5.39% a week earlier.

A 15-year, fixed-rate mortgage with today’s interest rate of 5.27% will cost $805 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $45,333 in total interest.

Jumbo Mortgage Rates Drop 1.04%

The average interest rate on the 30-year fixed-rate jumbo mortgage (mortgages above 2025’s conforming loan limit of $806,500 in most areas) dropped to 6.57%. Last week, the average rate was 6.63%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 6.57% will pay $636 per month in principal and interest per $100,000. That means you’d pay approximately $129,561 in total interest over the life of the loan.

Mortgage Rate Trends in 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.

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 necessary part of purchasing a home, but it can be tricky 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?

Mortgage interest rates are determined by several factors, including some that borrowers can’t control:

• Federal Reserve. The Fed rate hikes and decreases adjust the federal funds rate, which helps determine the benchmark interest rate that banks lend money at. As a result, mortgage rates tend to move in the same direction with the Fed’s rate decision. 
• Bond market. Mortgages are also loosely connected to long-term bond yields as investors look for income-producing assets—specifically, the 10-year U.S. Treasury Bond. Home loan rates tend to increase as bond prices decrease, and vice versa. 
• Economic health. Rates can increase during a strong economy when consumer demand is higher and unemployment levels are lower. Anticipate lower rates as the economy weakens and there is less demand for mortgages. 
• Inflation. Banks and lenders may increase rates during inflationary periods to slow the rate of inflation. Additionally, inflation makes goods and services more expensive, reducing the dollar’s purchasing power.

While the above factors set the base interest rate for new mortgages, there are several areas that borrowers can focus on to get a lower rate:

• Credit score. Applicants with a credit score of 670 or above tend to have an easier time qualifying for a better interest rate. Typically, most lenders require a minimum score of 620 to qualify for a conventional mortgage. 
• Debt-to-income (DTI) ratio. Lenders may issue mortgages to borrowers with a DTI of 50% or less. However, applying with a DTI below 43% is recommended. 
• Loan-to-value (LTV) ratio. Conventional home loans charge private mortgage insurance when your LTV exceeds 80% of the appraisal value, meaning you need to put at least 20% down to avoid higher rates. Additionally, FHA mortgage insurance premiums expire after the first 11 years when you put at least 10% down. 
• Loan term. Longer-term loans such as a 30-year or 20-year mortgage tend to charge higher rates than a 15-year loan term. However, your monthly payment can be more affordable over a longer term. 
• Residence type. Interest rates for a primary residence can be lower than a second home or an investment property. This is because the lender of your primary mortgage receives compensation first in the event of foreclosure.

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