30-year mortgage rates decline on jobs slowdown | Today's mortgage and refinance rates, September 9, 2025
Average mortgage rates were mostly lower compared to last week, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and 5/1 ARM receded, while jumbo loan rates edged higher.
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. Those numbers make it much more likely the Fed will cut its key interest rate next week.
“The slowdown in the job market should be more than enough for the [Federal Open Market Committee] to cut its short-term rate target at its September meeting, as this is not a picture of an economy at ‘maximum employment,’ and the greater risk now appears to be that the job market will slip further in the months ahead," says Mike Fratantoni, senior vice president and chief economist of the Mortgage Bankers Association.
The Fed doesn't determine mortgage rates outright, however; the bigger factor is how the central bank's decision impacts 10-year Treasury yields, a benchmark for many financial products, including 30-year fixed mortgages. The 10-year has been on a steady decline in recent days.
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.55% | 6.59% | -0.04% |
| 15-year fixed | 5.70% | 5.75% | -0.05% |
| 5/1 ARM | 5.70% | 5.82% | -0.12% |
| 30-year fixed jumbo | 6.69% | 6.68% | +0.01% |
Rates accurate as of 09/09/2025.
The rates listed above the assumptions shown here. Actual rates available within the site may vary. All rate data is accurate as of September 9, 2025 at 06:38 AM ET.Mortgage purchase rates
30-year mortgage rate moves downward
0.04%
Today's average 30-year fixed-mortgage rate is 6.55 percent, an increase of 0.04 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.66 percent.
At the current average rate, you'll pay $76.24 for every $100,000 you borrow. That's up $0.32 over what it would have been last week.
15-year mortgage rate trends downward
0.05%
The average rate for a 15-year fixed mortgage is 5.70 percent, down 0.05 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $99.33 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.
5/1 adjustable rate mortgage retreats
0.12%
The average rate on a 5/1 ARM is 5.70 percent, down 0.12 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 5.70 percent would cost approximately $69.65 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.
Jumbo mortgage moves higher
0.01%
The average jumbo mortgage rate is 6.69 percent, up 0.01 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was lower, at 6.65 percent.
At the current average rate, you'll pay $0.08 per month in principal and interest for every $100,000 you borrow. That's up $0.08 over what you would have paid last week.
Mortgage refinance rates
Current 30 year mortgage refinance rate declines
0.15%
The average 30-year fixed-refinance rate is 6.71 percent, down 0.15 basis points from a week ago. Last month on the, the average rate on a 30-year fixed refinance was lower, at 6.77 percent.
At the current average rate, you'll pay $69.65 per month in principal and interest for every $100,000 you borrow. That's up $0.12 from what it would have been last week.
How quickly are mortgage rates changing?
Bankrate’s Mortgage Rate Variability Index was at a 5 this past week, indicating more stability in the mortgage offers on Bankrate and more agreement among economists and industry professionals about the future rate movement.
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
How to get a lower mortgage rate today
If you're shopping for a mortgage now, here are a few tips to help you get the best possible rate:
- Improve your credit score. While you might be eligible for a mortgage with a lower score, the best rates go to borrowers with a 780 score or higher.
- Raise your down payment. If you're buying a home and able to afford it, consider making a higher down payment. You'll borrow less and get a lower rate.
- Shop around. Compare mortgage offers from at least three different lenders.
- Lock your rate. If you were preapproved for an attractive rate, but think rates might rise before you find a home, it might make sense to lock in your offer or inquire about a float-down option. With the latter, you'll lock in your lower rate now, but can get an even lower rate if prevailing rates fall.
Learn more: Rates or prices? Which need to drop to make buying a house more affordable?
More on current mortgage rates
Methodology
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.
