Mortgage and refinance interest rates today, October 8, 2025: The 30-year fixed rate keeps inching down

Core Insights - Mortgage rates have shown mixed trends, with the 30-year fixed mortgage rate decreasing for the second consecutive day to an average of 6.26% [1][14] - Current mortgage refinance rates are generally higher than purchase rates, although this is not always the case [2] Current Mortgage Rates - The latest national average mortgage rates are as follows: - 30-year fixed: 6.26% - 20-year fixed: 5.97% - 15-year fixed: 5.61% - 5/1 ARM: 6.61% - 7/1 ARM: 6.75% - 30-year VA: 5.74% - 15-year VA: 5.27% - 5/1 VA: 5.73% [4] Mortgage Rate Trends - Mortgage rates are expected to remain within a tight range in the coming months, with recent Federal Reserve actions not significantly impacting mortgage rates [15] - Current mortgage rates are slightly higher compared to the same period last year, indicating a lack of downward momentum [16] Mortgage Types and Characteristics - A 30-year fixed mortgage offers lower and predictable monthly payments, but comes with higher interest costs over the loan's life compared to shorter terms [7][9] - A 15-year fixed mortgage has higher monthly payments but lower interest rates, allowing borrowers to save significantly on interest over time [10][11] - Adjustable-rate mortgages (ARMs) typically start with lower rates but can lead to unpredictable payments after the initial fixed period [12]