Mortgage Rates Today: November 3, 2025 – 30-Year Rates Steady, 15-Year Rates Up
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The current average mortgage rate on a 30-year fixed mortgage is 6.28%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.41%, while the average rate on a 30-year jumbo mortgage is 6.74%.
30-Year Mortgage Rates Climb 0.45%
Today, the average rate on a 30-year mortgage is 6.28%, compared to last week when it was 6.25%.
The APR on a 30-year, fixed-rate mortgage is 6.31%. The APR was 6.28% last week. APR is the all-in cost of your loan.
With today’s interest rate of 6.28%, a 30-year fixed mortgage of $100,000 costs approximately $617 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $122,948 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 1.90%
The average interest rate on a 15-year mortgage (fixed-rate) rose to 5.41%. This same time last week, the 15-year fixed-rate mortgage was at 5.3%.
The APR on a 15-year fixed is 5.45%. It was 5.35% this time last week.
With an interest rate of 5.41%, you would pay $812 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $46,626 in total interest.
Jumbo Mortgage Rates Climb 2.06%
The current average interest rate on a 30-year, fixed-rate jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas) is 6.74%—2.06% higher than last week.
A 30-year jumbo mortgage at today’s fixed interest rate of 6.74% will cost you $648 per month in principal and interest per $100,000. That adds up to approximately $133,711 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?
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 Much House Can I Afford?
The amount of house you can afford depends on a number of factors, including your income and debt.
Here are a few basic factors that go into what you can afford:
- Income
- Debt
- Debt-to-income ratio (DTI)
- Down payment
- Credit score
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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.
Frequently Asked Questions (FAQs)
How do you get a lower mortgage interest rate?
Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less.
Further, making a minimum down payment of 20% on a conventional mortgage can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate.
Will interest rates ever go back to 3%?
The Federal Reserve’s efforts to stabilize the economy during the Covid-19 pandemic drove the historically low rates. As the economy recovers, the unemployment rate decreases and inflation is controlled, rates may dip below current levels, but they’re unlikely to fall as low as 3% again anytime soon.
What’s the difference between a mortgage interest rate and a mortgage APR?
A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money.
Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan’s interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.
Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.