30-year mortgage rates decline ahead of Fed meeting | Today's mortgage and refinance rates, September 15, 2025

National mortgage rates were mostly lower compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and 5/1 ARM receded.

Mortgage rates had been trending down in the past several weeks amid growing odds of a Federal Reserve cut. They dropped again following a markedly weaker August jobs report, released September 5, and remained lower last week as the latest inflation reading came in at 2.9 percent, above the Fed's 2 percent target.

“As bond traders are betting on a 100 percent chance of a rate cut, [mortgage] rates have not looked this good in the past 12 months,” says Denise McManus, global real estate advisor at Engel & Volkers. “This is the boom that we needed in the housing industry.”

It's important to remember, however, that 30-year mortgage rates aren't directly tied to the Fed's benchmark rate, says Stephen Kates, CFP, financial analyst at Bankrate.

“Mortgage rates are primarily influenced by the 10-year Treasury yield, which has been declining since January," says Kates. "The anticipation of a Fed rate cut, which is influenced by signs of a slowing economy, has already done more to lower Treasury and mortgage rates than the actual cut is likely to.”

Rates accurate as of 09/15/2025.

Today's average rate for the benchmark 30-year fixed mortgage is 6.32 percent, an increase of 0.17 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.64 percent.

At the current average rate, you'll pay $74.43 for every $100,000 you borrow. That's up $1.34 from what it would have been last week.

The average rate you'll pay for a 15-year fixed mortgage is 5.53 percent, down 0.14 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $98.24 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 5.57 percent, down 0.16 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 5.57 percent would cost approximately $68.66 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

The average jumbo mortgage rate is 6.42 percent, down 0.12 basis points from a week ago. A month ago, the average rate on a jumbo mortgage was lower, at 6.67 percent.

At the current average rate, you'll pay $0.94 per month in principal and interest for every $100,000 you borrow. That's down $0.94 over what you would have paid last week.

The average 30-year fixed-refinance rate is 6.66 percent, down 0.01 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.83 percent.

At the current average rate, you'll pay $68.66 per month in principal and interest for every $100,000 you borrow. That's up $0.16 per $100,000 compared to last week.

Bankrate’s Mortgage Rate Variability Index was at a 5 the week of September 8, indicating some consistency in the mortgage offers on Bankrate.

How do today's mortgage rates compare to historical rates?

Today's mortgage rates are much lower than 7.2 percent, the average of the past 40 years, according to Bankrate data. Thirty-year fixed rates ran mostly lower than that average in 2024, too, and appear to stay on a similar path for now.

Learn more: Mortgage rate history: 1970s to today

Given how unpredictable the economy and mortgage market is, locking in your mortgage rate provides some degree of certainty. Many homebuyers choose to lock their rates after their offer on a home has been accepted, but you can lock sooner than that if you think rates will rise before you find a home.

Before you lock your mortgage rate, ask your lender:

• How much does it cost to lock a rate? Many lenders offer free rate locks, but only for a certain time frame. Ask about any rate lock fees or lock extension fees.
• How long does the rate lock last? The typical initial rate lock lasts 30 to 60 days, though some lenders do 90-day initial locks. Beyond that, you’ll need to ask for an extension.
• If rates drop, will I be able to take a lower rate? Some lenders allow you to take a lower rate after you lock in, known as a float-down lock. If your lender offers this, be sure you understand the details, including if there’s an additional fee or rate change threshold.

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The mortgage rates in this story are derived from our national rate and APR averages. Bankrate's mortgage rates include these national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
• "Top offers": Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate. Learn more about Bankrate's how we collect, display and report mortgage rates.