Core Insights - Mortgage rates are currently mixed, with the average 30-year fixed mortgage rate at 6.09%, down four basis points, while the 15-year fixed rate increased by seven basis points to 5.44% [1][18][19] - The current rates are the lowest seen in over a year, suggesting it may be an opportune time for potential homebuyers [1] Current Mortgage Rates - The national average for various mortgage types includes: - 30-year fixed: 6.09% - 15-year fixed: 5.44% - 5/1 ARM: 6.22% [5][18] - These rates are rounded to the nearest hundredth and represent national averages [2][18] Refinance Rates - Mortgage refinance rates are generally higher than purchase rates, although this is not always the case [3] - Current refinance rates are also based on national averages rounded to the nearest hundredth [3] Monthly Payment Calculations - For a $300,000 mortgage at a 30-year term with a 6.09% rate, the monthly payment would be approximately $1,816, with total interest paid over the loan's life amounting to $353,777 [9] - For the same mortgage amount at a 15-year term with a 5.44% rate, the monthly payment would increase to $2,442, with total interest paid being $139,508 [11] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed-rate mortgages but can increase after the initial fixed period [12][13] - The 5/1 ARM has a fixed rate for the first five years, after which it adjusts annually [12] 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 [15] - Options such as buying down the interest rate through discount points at closing can also be considered [16]
Mortgage and refinance interest rates today for October 27, 2025: Still lowest in more than a year