Mortgage and refinance interest rates today for September 15, 2025: An interesting week ahead for mortgage rates

Core Insights - Mortgage rates have recently decreased, but historically, they can rise after the Federal Reserve cuts interest rates [1] - Current average mortgage rates include 30-year fixed at 6.28% and 15-year fixed at 5.49% [1][17] - This may be a favorable time for homebuyers to secure lower rates [1] Current Mortgage Rates - The national average for various mortgage types includes: - 30-year fixed: 6.28% - 20-year fixed: 5.78% - 15-year fixed: 5.49% - 5/1 ARM: 6.58% - 7/1 ARM: 6.55% - 30-year VA: 5.69% - 15-year VA: 5.16% - 5/1 VA: 5.81% [4][17] Mortgage Payment Calculations - For a $300,000 mortgage at 30-year fixed rate of 6.28%, the monthly payment would be approximately $1,853, with total interest paid over the loan's life being $367,083 [8] - For a $300,000 mortgage at 15-year fixed rate of 5.49%, the monthly payment would be about $2,450, with total interest paid being $140,939 [10] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed-rate mortgages but can increase after the initial fixed period [11] - The 5/1 ARM has a fixed rate for the first five years, after which it adjusts annually [11] - Recent trends show that ARM rates can be similar to or even higher than fixed rates [13] Strategies for Lower Mortgage Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [14] - Options to lower rates include paying for discount points at closing or considering temporary interest rate buydowns [15][16] Future Outlook - Mortgage rates are not expected to drop significantly in 2025, with ongoing monitoring of inflation and Federal Reserve actions [19]