Mortgage and refinance interest rates today, September 23, 2025: Small moves but no trend

Core Insights - Mortgage rates have increased for long-term loans and decreased for short-term loans, with the current 30-year mortgage rate at 6.36% and the 15-year rate at 5.63% [1][14] Mortgage Rates Overview - Current mortgage rates include: - 30-year fixed: 6.36% - 20-year fixed: 5.81% - 15-year fixed: 5.63% - 5/1 ARM: 6.67% - 7/1 ARM: 6.50% - 30-year VA: 5.81% - 15-year VA: 5.35% - 5/1 VA: 5.83% [4] Refinance Rates - Refinance rates are generally higher than purchase rates, with the current 30-year refinance rate at 6.52% [2][14] Interest Rate Trends - Economists do not anticipate significant drops in mortgage rates before the end of 2025, despite recent federal rate cuts [11][15] - The Federal Reserve has made several rate cuts in 2024, with expectations for additional cuts in 2025 [12][13] Mortgage Payment Calculations - A $400,000 mortgage at a 30-year term with a 6.36% rate results in a monthly payment of approximately $1,993, totaling $397,568 in interest over the term - A $400,000 15-year mortgage at a 5.63% rate results in a monthly payment of about $3,296, totaling $193,279 in interest [7] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have rates that can change after an initial period [9][10] - ARMs may start with lower rates but carry the risk of increases after the initial lock period [11]