Mortgage and refinance interest rates today, October 19, 2025: Lowest 30-year rate in over 12 months

Core Insights - The current 30-year fixed mortgage rate has decreased to 6.18%, the lowest since early October 2024, influenced by the government shutdown [1] - The government shutdown is contributing to lower mortgage rates, although processing times for FHA and VA loans are longer, making it a potentially favorable time for conventional loans [1] Current Mortgage Rates - The national average for the 30-year fixed mortgage rate is 6.18% [17] - The average 15-year mortgage rate is 5.51% [17] - Other mortgage rates include 20-year fixed at 5.62%, 5/1 ARM at 6.38%, and 30-year VA at 5.62% [5] Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, but specific current rates were not detailed [3] Mortgage Comparison - A 30-year mortgage at 6.18% results in a monthly payment of approximately $1,834 for a $300,000 loan, with total interest paid over the loan's life being $360,066 [9] - A 15-year mortgage at 5.51% would have a monthly payment of about $2,453, with total interest paid being $141,512 [9] Fixed vs. Adjustable Rates - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting [10][11] - Some recent fixed rates have started lower than adjustable rates, indicating a shift in market conditions [12] Factors for Low Mortgage Rates - Lenders typically offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [13] - Improving personal finances is suggested as a better strategy than waiting for rates to drop [14] Choosing a Mortgage Lender - It is recommended to apply for mortgage preapproval with multiple lenders within a short time frame for accurate comparisons [15] - The annual percentage rate (APR) should be considered alongside interest rates when comparing lenders, as it reflects the true cost of borrowing [16]