Mortgage and Refinancing Interest Rates Today, October 11, 2025: Interest rates are falling

Today’s mortgage rates have dropped slightly. According to Zillow, the average rate for a 30-year fixed mortgage fell by two basis points to 6.28%The 15-year fixed interest rate fell two basis points to… 5.56%.

You might be wondering Whether now is a good time to buy a homeor if you have to wait for mortgage interest rates to fall after the next interest rate cut by the Federal Reserve. However, any reduction in federal funds rates has likely already been built into current mortgage rates. So, if you’re ready to buy a home, now might be as good a time as any.

Here are the current mortgage rates, according to the latest Zillow data:

• 30 years fixed: 6.28%

• 20 years fixed: 5.90%

• 15 years fixed: 5.56%

• 1/5 arm: 6.52%

• 7/1 arm: 6.63%

• 30 years fa: 5.88%

• 15 years fa: 5.39%

• 1/5 volt: 5.76%

Remember, these are national averages and are rounded to the nearest hundredth.

Discover 8 strategies to get the lowest mortgage rates.

These are today’s mortgage refinancing rates, according to the latest Zillow data:

• 30 years fixed: 6.38%

• 20 years fixed: 5.97%

• 15 years fixed: 5.76%

• 1/5 arm: 6.83%

• 7/1 arm: 6.75%

• 30 years fa: 5.96%

• 15 years fa: 5.96%

• 1/5 volt: 5.61%

Again, the numbers provided are national averages rounded to the nearest hundred. Mortgage refinancing rates are often higher than the rates when purchasing a home, although this is not always the case.

Use the mortgage calculator below to see how today’s interest rates will affect your monthly mortgage payments.

For a deeper dive, you can use Yahoo’s free mortgage calculator To learn how homeowners insurance and property taxes affect your monthly payment estimate. You also have the option to enter costs Private Mortgage Insurance (PMI) And homeowners association dues if they apply to you. These details result in a more accurate monthly payment estimate than if you simply calculate the mortgage principal and interest.

There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable.

A 30-year fixed-rate mortgage has relatively lower monthly payments because you spread out your payments over a longer period of time than a 15-year mortgage, for example. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), the rate will not change from year to year. Most years, the only things that might affect your monthly payment are any changes to your payments Homeowners insurance or Real estate taxes.

The main disadvantage of 30-year fixed mortgage rates is the interest on the mortgage – both short-term and long-term.

The 30-year fixed term comes with a higher rate than the shorter fixed term, and is higher than the introductory rate of the 30-year ARM. The higher your rate, the higher your monthly payment. You’ll also pay much more in interest over the life of your loan due to the higher interest rate and longer term.

The pros and cons of 15-year fixed mortgage rates are essentially swapped from 30-year interest rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention, you’ll be paying off your mortgage 15 years earlier. So you can save hundreds of thousands of dollars in interest over the life of your loan.

However, since you’re paying off the same amount in half the time, your monthly payments will be higher than if you chose a 30-year term.

Adjustable rate mortgages Lock in your price for a pre-determined period of time, then change it periodically. For example, with a 5/1 ARM, the rate stays the same for the first five years and then rises or falls once a year for the remaining 25 years.

The main advantage is that the introductory rate is usually lower than what you would get with a 30-year fixed rate, so your monthly payments will be lower. (Current average interest rates do not necessarily reflect this, although in some cases, fixed interest rates are actually lower. Talk to your lender before deciding between Fixed or adjustable rate.)

With an ARM, you have no idea what your mortgage rates will be once the introductory rate period ends, so you run the risk of your rate increasing later. This can end up costing you more, and your monthly payments are unpredictable from year to year.

But if you plan to move before the introductory rate period ends, you can reap the benefits of a lower rate without risking a rate increase in the future.

Firstly, Now is a relatively good time to buy a home Compared to a few years ago. Home prices are not as high as they were during the height of the COVID-19 pandemic. So, if you want or need to buy a home soon, you should feel good about the current housing market.

Prices have generally fallen since the end of May. Considering this, you may feel comfortable buying a home without worrying about prices suddenly rising.

Usually the best time to buy is when it is appropriate for your life stage. Trying to time the real estate market can be as futile as timing the stock market – buy when the time is right for you.

According to Zillow, the national average 30-year mortgage rate is 6.28% right now. But keep that in mind Mortgage rates vary by state And even the zip code. For example, if you are buying in a city with a high cost of living, prices may be higher.

Economists do not expect mortgage interest rates to fall significantly before the end of the year. It might dip here or there, but it probably won’t go down.

In general, mortgage rates have gradually declined. The 30-year fixed rate has fallen more than half a point since late May.

In many ways, securing a lower mortgage refinance rate is similar to when you purchased your home. Try to improve and lower your credit score Debt-to-income ratio (DTI). Refinancing short-term will also get you a lower rate, even though your monthly mortgage payments will be higher.