What are today's mortgage interest rates: November 20, 2025?

This holiday season, homebuying or refinancing your existing mortgage may understandably be far from mind. After all, this is a time of year in which expenses are already rising, made more costly by lingering inflation and higher interest rates on everything from personal loans to credit cards. But totally avoiding your mortgage options now could be a costly mistake.

Mortgage interest rates plunged to a 3-year low in September, and after rising slightly in the weeks after, fell back to that point in October. They’ve remained relatively low in November, too, following Federal Reserve interest rate cuts in the last two months. And they could fall again before the year concludes, especially if the central bank moves to cut interest rates again in December.

So, despite conventional wisdom, now may actually be a smart time to re-enter the homebuying market or refinancing space. To better understand the opportunities available, it helps to know what today’s interest rates are exactly. Below, we’ll detail everything you need to know to make an informed decision on your next steps.

See how low your current mortgage rate offers are here.

What are today’s mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage term was unchanged overnight, sitting at 6.12%, as of November 20, 2025, according to Zillow. The average rate on a 15-year term also remained the same from earlier in the week, staying at 5.50%. 

While neither is near the record lows borrowers were offered at the start of the decade, during the height of the pandemic, historically, they’re about in line with what buyers were typically offered. And compared to just earlier this year, when the average rate on a 30-year term was over 7%, today’s low 6% offers may be affordable enough to justify re-entering the market, even during a time of the year when sales and home listings are typically a bit softer.

Compare your current mortgage options here to learn more.

What are today’s mortgage refinance rates?

The average mortgage refinance rate for a 30-year term declined to 6.65% from 6.74% on November 20, 2025, according to Zillow. The average 15-year refinance rate also dropped, from 5.77% to 5.67%, offering homeowners with rates near 7% a cost-effective way to refinance their loan and expedite the payoff timeline at the same time. 

Just remember that a refi into a shorter term will result in larger monthly payments, albeit over a much shorter period. And don’t discount mortgage refinancing closing costs, which will need to easily be outweighed by the savings of a refinance to justify making a move now.

The bottom line

The average mortgage interest rate on a 30-year term is now 6.12% and 5.50% for a 15-year purchase loan, while refinancing rates are declining again, down to 6.65% for a 30-year term and just 5.67% for a 15-year refinance. Take the time, then, to evaluate your current options and calculate your potential costs with precision. While this time of the year is not typically associated with homebuying and home refinancing, today’s lower-rate offers may justify taking an unconventional approach right now.