Core Insights - Mortgage rates have decreased, with the average 30-year fixed rate now at 6.10% and the 15-year fixed rate at 5.42% [1][15] Mortgage Rates Overview - Current national average mortgage rates include: - 30-year fixed: 6.10% - 20-year fixed: 5.56% - 15-year fixed: 5.42% - 5/1 ARM: 6.28% - 7/1 ARM: 6.44% - 30-year VA: 5.53% - 15-year VA: 5.20% - 5/1 VA: 5.64% [4] Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, but specific current rates were not detailed [3] Market Trends - Mortgage rates are expected to remain stable in the near term, with the Federal Reserve anticipated to lower short-term interest rates, although mortgage rates may not follow suit [17] - There has been a general downward trend in mortgage rates since the government shutdown, with current rates slightly lower than a year ago [18] Mortgage Types and Characteristics - 30-year fixed mortgages offer lower and predictable monthly payments but come with higher interest costs over the loan's life [7][9] - 15-year fixed mortgages have higher monthly payments but lower interest rates, allowing borrowers to save significantly on interest over time [10][11] - Adjustable-rate mortgages (ARMs) provide lower initial rates but carry the risk of future rate increases, making long-term budgeting more challenging [12][13]
Mortgage and refinance interest rates today, October 22, 2025: Lower again. Could it be a trend?