Mortgage and refinance interest rates today, October 7, 2025: The 30-year rate hovers above 6.25%

Mortgage Rates Overview - Today's average 30-year fixed mortgage rate is 6.27%, down by one basis point, while the 15-year fixed rate remains at 5.58% [1] - The government shutdown may influence mortgage rates, as economic data releases are currently halted [1] Current Mortgage Rates - National average mortgage rates include: - 30-year fixed: 6.27% - 20-year fixed: 5.93% - 15-year fixed: 5.58% - 5/1 ARM: 6.64% - 7/1 ARM: 6.32% - 30-year VA: 5.77% - 15-year VA: 5.32% - 5/1 VA: 5.41% [5] Refinance Rates - Current refinance rates are generally higher than purchase rates, with the 30-year fixed refinance rate at 6.48% [15] Economic Context - Economists do not anticipate significant drops in mortgage rates before the end of 2025, despite recent federal funds rate cuts [12][16] - The Federal Reserve has made several rate cuts in 2024, with expectations for more before the end of the year [13][14] Mortgage Payment Comparisons - A $400,000 mortgage at 30 years with a 6.27% rate results in a monthly payment of approximately $2,468, totaling $488,507 in interest over the term [8] - A $400,000 15-year mortgage at 5.58% results in a monthly payment of about $3,285, with total interest of $191,361 [8] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) can change after an initial fixed period [10][11] - ARMs may start with lower rates but carry the risk of increases after the initial period [12]