Mortgage and refinance interest rates today, October 9, 2025: Rates finally inch down

Core Insights - Mortgage rates have decreased this week, with the national average 30-year fixed mortgage rate dropping to 6.30%, which is slightly lower than the same time last year [1] - The 15-year fixed mortgage rate has also decreased to 5.53%, following two weeks of increases [1][2] Mortgage Rates Overview - Current mortgage rates include a 30-year fixed at 6.21%, a 20-year fixed at 5.70%, and a 15-year fixed at 5.53% [6] - Adjustable-rate mortgages (ARMs) are also available, with a 5/1 ARM at 6.31% and a 7/1 ARM at 6.43% [6] Refinance Rates - Today's refinance rates show a 30-year fixed at 6.34% and a 15-year fixed at 5.64% [7] - Refinance rates can sometimes be higher than purchase mortgage rates, but this is not always the case [4][14] Economic Context - Interest rates are not expected to drop significantly before the end of the year, making any decrease in rates beneficial for home buyers and those looking to refinance [2] - The economy plays a crucial role in determining mortgage rates, with lower rates typically occurring during economic struggles to encourage borrowing [14] Mortgage Rate Types - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages have a fixed rate for an initial period before adjusting periodically [10][11] - A 30-year mortgage offers lower monthly payments but incurs more interest over time, whereas a 15-year mortgage has higher monthly payments but lower overall interest costs [15][16]