Mortgage and refinance interest rates today for October 13, 2025: Rates are holding steady

Core Insights - Mortgage rates have remained stable this week, with the average 30-year fixed mortgage rate at 6.28% and the 15-year fixed rate slightly decreasing to 5.56% [1][16][18] Current Mortgage Rates - The national average for the 30-year fixed mortgage rate is 6.28%, while the 15-year fixed rate is 5.56% [1][16] - The 5/1 adjustable-rate mortgage (ARM) is currently at 6.52% [16] Refinance Rates - Mortgage refinance rates are generally higher than purchase rates, but this can vary [3] - Current refinance rates include a 30-year fixed at 6.28% and a 15-year fixed at 5.56% [4][16] Monthly Payment Estimates - For a $300,000 mortgage at a 30-year term with a 6.28% rate, the monthly payment would be approximately $1,853, resulting in $367,083 in interest over the loan's life [7] - A $300,000 mortgage at a 15-year term with a 5.56% rate would have a monthly payment of $2,461, with total interest paid being $142,946 [9] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed mortgages but can increase after the initial period [10][11] - The 5/1 ARM locks in the rate for the first five years before adjusting annually [10] Strategies for Lower Rates - To secure lower mortgage rates, borrowers should aim for higher down payments, excellent credit scores, and low debt-to-income ratios [13] - Options like buying down the interest rate through discount points at closing can also be considered [14][15] Market Outlook - Mortgage rates are not expected to drop significantly before year-end, with the 30-year fixed rate only eight basis points above the year's low [18]