September 11, 2025: Mortgage Rates Drop
The current average mortgage rate for a 30-year fixed mortgage is 6.25%, down from 6.45% a week ago, as reported by the Mortgage Research Center. For those interested in a shorter mortgage, the average rate for a 15-year fixed mortgage is 5.24%, a decrease from the previous week.
To secure a lower rate through refinancing, compare your current mortgage rate with today's refinance rates. The average rate for a 30-year fixed mortgage has increased to 6.25% from 6.24% yesterday, while the APR dropped to 6.28% from 6.48% last week.
At the current interest rate of 6.25% for a 30-year fixed-rate mortgage, homebuyers would pay around $616 per month in principal and interest for every $100,000 borrowed. Over the loan's life, the total interest paid would be approximately $122,431 per $100,000 borrowed.
The average rate for a 15-year fixed mortgage is 5.24%, down from 5.4% the previous week. The APR for a 15-year fixed mortgage is now 5.29%, compared to 5.45% a week ago.
For a 15-year fixed mortgage at 5.24% interest, borrowers would pay about $804 per month in principal and interest for a $100,000 mortgage. The total interest paid in this scenario would be around $45,105.
On a 30-year jumbo mortgage, the average interest rate has decreased to 6.58%, lower than the 6.65% rate from last week. Borrowers with a 30-year fixed-rate jumbo mortgage at 6.58% interest would pay approximately $637 per month in principal and interest for every $100,000 borrowed, totaling around $129,846 in interest over the loan's life.
Since late January 2025, the average 30-year fixed mortgage rate has remained in the mid-to-high 6% range. The 15-year fixed mortgage rate has fluctuated between the low-6% and high-5% range.
While experts do not anticipate a significant drop in mortgage rates soon, they may start to decline if inflation eases or the economy weakens. The Federal Reserve's decisions, U.S. Treasury bond yields, and global events can all influence mortgage rates.
Factors such as the Federal Reserve's monetary policy, the state of the economy, and housing market conditions impact mortgage rates. Lenders consider borrowers' debt-to-income ratio and credit score when determining the interest rate offered.
To secure the best mortgage rate, compare offers from various lenders and consider fees, closing assistance, and special discounts. Applying with multiple lenders within a 45-day window allows for credit checks without affecting your score.
High mortgage rates and limited housing supply continue to challenge prospective homebuyers seeking affordable housing. Economic health, benchmark interest rates, and individual borrower factors all influence mortgage rates.
Improving finances and qualifying for competitive rates can be achieved by maintaining a good credit score, a low debt-to-income ratio, and making a substantial down payment. Different mortgage loan types offer various advantages based on individual circumstances.