Mortgage and refinance interest rates today, September 30, 2025: The 30-year takes a nice dip

Mortgage Rates Overview - Current 30-year mortgage rate is 6.36%, down 11 basis points, while the 15-year fixed interest rate rose three basis points to 5.69% [1][14] - Refinance rates are generally higher than purchase rates, with the current 30-year refinance rate at 6.56% [2][14] Mortgage Rate Comparisons - 30-year fixed mortgage rates are currently at 6.36%, while 15-year fixed rates are at 5.69% [4] - For a $400,000 mortgage, the monthly payment for a 30-year term at 6.36% is approximately $1,993, resulting in $397,568 in interest over the term. In contrast, a 15-year mortgage at 5.69% has a monthly payment of about $3,309, with total interest of $195,585 [7] Adjustable vs. Fixed-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [9][10] - ARMs may start with lower rates than fixed-rate mortgages, but they carry the risk of increasing rates after the initial period [11] Federal Reserve Influence - The Federal Reserve has made several rate cuts in 2024, with expectations of more cuts before the end of the year, which may influence mortgage rates [12][13] - Economists do not anticipate significant drops in mortgage rates before the end of 2025, despite potential rate cuts from the Fed [15]