Mortgage and refinance interest rates today, September 12, 2025: New low sparks big application demand

Mortgage Rate Trends - The national average 30-year mortgage rate has decreased to 6.35%, down 15 basis points in one week, while the 15-year fixed mortgage rate is now at 5.50%, down 10 basis points, marking new lows for 2025 [1][15] - The decline in mortgage rates has led to the highest year-over-year growth rate in purchase applications in four years, indicating increased demand in the housing market [1] Current Mortgage Rates - Current mortgage rates include a 30-year fixed rate at 6.20%, a 20-year fixed rate at 5.62%, and a 15-year fixed rate at 5.39% among others, reflecting national averages [6][7] - Refinance rates are generally higher than purchase rates, with the latest data showing a 30-year fixed refinance rate at 6.18% [6][7][4] Future Projections - Forecasts from Fannie Mae and the Mortgage Bankers Association suggest that mortgage rates will remain stable, with the 30-year rate expected to be around 6.5% by the end of 2026 [16][17] - The MBA anticipates the 30-year mortgage rate to be 6.6% by the end of the year, indicating a slight increase from current levels [16]