Mortgage and refinance interest rates today, October 29, 2025: Drifting without a solid direction

Core Insights - Mortgage rates have shown slight fluctuations, with the average 30-year fixed rate decreasing to 6.16% and the 15-year fixed rate increasing to 5.43% [1][16] - The 10-year Treasury yields, which serve as a proxy for mortgage rates, have been inconsistent, indicating a lack of clear direction in the mortgage market [1] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.16% - 20-year fixed: 5.72% - 15-year fixed: 5.43% - 5/1 ARM: 6.44% - 7/1 ARM: 6.57% - 30-year VA: 5.62% - 15-year VA: 5.18% - 5/1 VA: 5.68% [5] Mortgage Refinance Rates - Today's national average mortgage refinance rates are generally higher than purchase rates, although this is not always the case [3] Market Trends - Mortgage rates are expected to remain within a tight range in the coming months, with the Federal Reserve anticipated to lower short-term interest rates twice before year-end, though mortgage rates may not drop sharply [17] - There has been a general downward trend in mortgage rates since the government shutdown, with current rates lower than they were a year ago [18] Mortgage Types and Characteristics - A 30-year fixed mortgage offers lower and predictable monthly payments, but comes with higher interest costs over the loan's life compared to shorter terms [8][10] - A 15-year fixed mortgage has higher monthly payments but lower interest rates, allowing borrowers to pay off their mortgage sooner and save on interest [11][12] - Adjustable-rate mortgages (ARMs) typically start with lower rates but can lead to unpredictable payments after the initial fixed period [13][14]