Mortgage and refinance interest rates today, September 16, 2025: Decreases before the Fed rate cut

Mortgage Rates Overview - Mortgage rates are trending lower ahead of an anticipated Federal Reserve rate cut, with the current 30-year mortgage rate at 6.16%, down 12 basis points since Friday [1] - The 15-year fixed interest rate has decreased by three basis points to 5.46% [1] Current Mortgage Rates - Current national average mortgage rates include: - 30-year fixed: 6.16% - 20-year fixed: 5.68% - 15-year fixed: 5.46% - 5/1 ARM: 6.65% - 7/1 ARM: 6.58% - 30-year VA: 5.78% - 15-year VA: 5.29% - 5/1 VA: 5.94% [4] Refinance Rates - Refinance rates are generally higher than purchase rates, with the current national average for 30-year fixed refinance at 6.20% [15] Impact of Federal Reserve Decisions - The trajectory of future mortgage rates is closely tied to the Federal Reserve's decisions, with a 96% chance predicted for a rate decrease at the upcoming meeting [13] - Mortgage rates have been falling since early September, but their reaction to a potential Fed rate cut remains uncertain [14] Historical Trends - Mortgage rates trended downward from early August to the September 18 Federal Reserve meeting, where a 50-basis-point cut was announced, followed by increases or stability in rates [12] - The Fed has cut rates in November and December by 25 basis points each time, influencing mortgage rates [13] Long-term Expectations - Economists do not expect significant drops in mortgage rates before the end of 2025, with any potential decreases in 2026 likely to be modest [16][17]