Mortgage and refinance interest rates today for September 29, 2025: Rates have increased since the Fed meeting

Core Insights - Mortgage rates have increased since the Federal Reserve meeting on September 17, with the average 30-year fixed mortgage rate now at 6.47%, up by 34 basis points since September 16 [1][16][18] - Economists predict that the mid-6% range for mortgage rates could be the new normal for the foreseeable future, with no significant drops expected before the end of the year [2][18] Current Mortgage Rates - The current average mortgage rates are as follows: - 30-year fixed: 6.47% - 20-year fixed: 6.10% - 15-year fixed: 5.66% - 5/1 ARM: 6.66% - 7/1 ARM: 6.88% - 30-year VA: 5.89% - 15-year VA: 5.59% - 5/1 VA: 5.32% [3][16] Refinance Rates - Today's average refinance rates are: - 30-year fixed: 6.55% - 20-year fixed: 6.25% - 15-year fixed: 5.83% - 5/1 ARM: 6.91% - 7/1 ARM: 7.54% - 30-year VA: 6.16% - 15-year VA: 6.05% - 5/1 VA: 5.82% [4] Monthly Payment Examples - For a $300,000 mortgage at a 30-year term with a 6.47% rate, the monthly payment would be approximately $1,890, totaling $380,504 in interest over the loan's life [7] - For the same mortgage amount at a 15-year term with a 5.66% rate, the monthly payment would increase to $2,477, with total interest paid being $145,823 [9] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed-rate mortgages but can increase after the initial fixed period [10][11] - The 5/1 ARM, for example, has a fixed rate for the first five years before adjusting annually [10] Strategies for Lower Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [13] - Options to lower rates include paying for discount points at closing or considering temporary interest rate buydowns [14][15]