Core Insights - Mortgage rates are experiencing fluctuations, with the 30-year fixed mortgage rate increasing to 6.21% and the 15-year fixed rate decreasing to 5.40% [1][16] - The Federal Reserve's recent actions, including rate cuts, are influencing mortgage rates, but significant drops are not expected until at least the end of 2025 [13][17] Mortgage Rates Overview - Current mortgage rates include: - 30-year fixed: 6.21% - 20-year fixed: 5.81% - 15-year fixed: 5.40% - 5/1 ARM: 6.37% - 7/1 ARM: 6.29% - 30-year VA: 5.61% - 15-year VA: 5.08% [5] Refinance Rates - Refinance rates are generally higher than purchase rates, with the current 30-year fixed refinance rate at 6.35% [16] Economic Impact - Economists predict that mortgage rates will remain relatively stable through 2025, despite potential rate cuts from the Federal Reserve [17][18] - The CME FedWatch tool indicates a high probability of further rate cuts in the near future, which may influence mortgage rates [14]
Mortgage and refinance interest rates today, October 28, 2025: A bounce higher for 30-year fixed rates