Mortgage and refinance interest rates today, September 20, 2025: Two terms moving in two directions

Core Insights - The current mortgage environment presents refinancing opportunities for households that purchased at higher rates, providing some affordability relief [1] Mortgage Rates Overview - The national average 30-year mortgage rate is currently 6.32%, down by seven basis points, while the 15-year rate has increased by 12 basis points to 5.70% [1][16] - Current mortgage refinance rates are generally higher than purchase rates, although this is not always the case [2] Current Mortgage Rates - 30-year fixed: 6.32% [4] - 20-year fixed: 5.86% [4] - 15-year fixed: 5.70% [4] - 5/1 ARM: 6.84% [4] - 7/1 ARM: 6.92% [4] - 30-year VA: 5.83% [4] - 15-year VA: 5.36% [4] - 5/1 VA: 5.83% [4] Market Conditions - The current housing market is considered relatively favorable for buyers compared to previous years, with home prices stabilizing and mortgage rates at their lowest since October 2024 [15][18] - Economists do not expect significant drops in mortgage interest rates before the end of the year, although gradual decreases may occur [17]