Mortgage and refinance interest rates today, October 14, 2025: Rates drop alongside the 10-year Treasury yield

Core Insights - Mortgage rates have decreased, with the 30-year fixed mortgage rate at 6.24% and the 15-year fixed rate at 5.52% [1] - The decline in mortgage rates is influenced by the falling 10-year Treasury yield, which may not continue to decrease [1] - Current mortgage rates are national averages and can vary based on individual financial situations [17] Current Mortgage Rates - 30-year fixed: 6.24% [5] - 15-year fixed: 5.52% [5] - 5/1 ARM: 6.38% [5] - 7/1 ARM: 6.11% [5] - 30-year VA: 5.70% [5] - 15-year VA: 5.32% [5] Refinance Rates - 30-year fixed refinance: 6.38% [6] - 15-year fixed refinance: 5.72% [6] - 5/1 ARM refinance: 6.72% [6] - 7/1 ARM refinance: 6.74% [6] - 30-year VA refinance: 6.07% [6] Comparison of Mortgage Types - 15-year mortgages generally have lower rates than 30-year mortgages, but result in higher monthly payments [8] - Example: A $400,000 mortgage at 6.24% for 30 years results in a monthly payment of about $2,460, totaling $485,696 in interest [9] - A $400,000 mortgage at 5.52% for 15 years results in a monthly payment of about $3,273, totaling $189,065 in interest [9] Adjustable vs. Fixed-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) can change after an initial period [11][12] - ARMs may start with lower rates but carry the risk of increases after the initial period [13] Future Rate Expectations - Economists do not expect significant drops in mortgage rates before the end of 2025, despite recent Federal Reserve rate cuts [14][18] - The next quarter-point cut is anticipated at the Fed's meeting on October 29 [15] - Any potential decreases in 2026 are expected to be modest, influenced by economic conditions and inflation [19]