Mortgage and refinance interest rates today for September 22, 2025: A gap between market and Fed expectations

Core Insights - Current mortgage rates are stabilizing as the Federal Reserve considers rate cuts, with the 30-year fixed mortgage rate at 6.32% and the 15-year fixed rate at 5.70% [1][17][18] - The recent drop in mortgage rates has benefited consumers, bringing rates below 6.5% for the first time in nearly a year, although there remains some risk of upward pressure on rates [2][19] Current Mortgage Rates - The national average mortgage rates are as follows: - 30-year fixed: 6.32% - 20-year fixed: 5.86% - 15-year fixed: 5.70% - 5/1 ARM: 6.84% - 7/1 ARM: 6.92% - 30-year VA: 5.83% - 15-year VA: 5.36% - 5/1 VA: 5.83% [4][17] Mortgage Payment Calculations - For a $300,000 mortgage at a 30-year term with a 6.32% rate, the monthly payment would be approximately $2,481, resulting in a total interest payment of $493,199 over the loan's life [8] - For the same mortgage amount at a 15-year term with a 5.70% rate, the monthly payment would increase to $3,311, with total interest paid being $195,969 [10] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed-rate mortgages but carry the risk of rate increases after the initial fixed period [11][12] - Recent trends show that ARM rates can be similar to or even higher than fixed rates, necessitating careful comparison among lenders [13] Strategies for Lower Mortgage Rates - Lenders offer the best rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [14] - Options for reducing interest rates include paying for discount points at closing or utilizing temporary interest rate buydowns [15][16]