Mortgage and refinance interest rates today, October 2, 2025: A small move higher for the week

Mortgage Rates Overview - Mortgage rates have increased slightly, with the 30-year fixed-rate home loan rising to 6.34% and the 15-year fixed-rate increasing to 5.55% [1] - The 10-year Treasury yield, which influences mortgage rates, has been declining due to concerns over employment and a potential government shutdown [1] Current Mortgage Rates - Current national average mortgage rates include: - 30-year fixed: 6.29% - 20-year fixed: 5.98% - 15-year fixed: 5.58% - 5/1 ARM: 6.41% - 7/1 ARM: 6.54% - 30-year VA: 5.78% - 15-year VA: 5.41% - 5/1 VA: 6.06% [4] - Another set of current rates shows: - 30-year fixed: 6.44% - 20-year fixed: 6.06% - 15-year fixed: 5.74% - 5/1 ARM: 6.63% - 7/1 ARM: 6.94% - 30-year VA: 5.90% - 15-year VA: 5.77% - 5/1 VA: 5.59% [5] Mortgage Rate Types - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting periodically [8] - A 30-year fixed mortgage offers lower monthly payments but incurs more interest over time, whereas a 15-year fixed mortgage has higher monthly payments but less total interest paid [12][13] Factors Influencing Mortgage Rates - Mortgage rates are influenced by both controllable factors (like credit scores and down payments) and uncontrollable factors (such as economic conditions) [10][11] - Economic conditions, such as employment rates, can lead to lower mortgage rates during economic struggles to encourage borrowing [11] Refinancing Insights - Refinance rates are typically higher than purchase rates, and experts suggest refinancing when a lower rate of 1% to 2% can be secured compared to the current mortgage rate [11][17]