Mortgage and refinance interest rates today, October 30, 2025: Rates are down more than a half point from a year ago

Core Insights - Mortgage rates have slightly decreased, with the average 30-year fixed mortgage rate falling to 6.13% and the 15-year fixed rate to 5.39% [1] - Rates have been fluctuating but remain lower since the onset of the government shutdown [1] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.13% - 20-year fixed: 5.78% - 15-year fixed: 5.39% - 5/1 ARM: 6.34% - 7/1 ARM: 6.48% - 30-year VA: 5.54% - 15-year VA: 5.29% - 5/1 VA: 5.61% [5] Refinance Rates - Today's mortgage refinance rates are also provided, indicating that refinance rates can sometimes be higher than purchase rates, but this is not always the case [3] Mortgage Rate Mechanics - Mortgage interest rates are determined by factors that can be controlled, such as comparing lenders and improving credit scores, and factors that cannot be controlled, primarily economic conditions [10][11] - Economic conditions influence mortgage rates; struggling economies typically see lower rates to encourage borrowing, while strong economies may lead to higher rates to temper spending [12] Mortgage Types - The two main types of mortgage rates are fixed and adjustable rates, with fixed rates locking in the interest for the entire loan term, while adjustable rates change after an initial period [8] - A 30-year fixed mortgage is popular for its lower monthly payments but incurs more interest over time, while a 15-year fixed mortgage has higher monthly payments but lower overall interest costs [13][14] FAQs on Mortgage Rates - Some banks, such as Bank of America and Citibank, are noted for offering lower median mortgage rates, but it is advisable to shop around for the best rates [15] - The lowest-ever 30-year fixed mortgage rate recorded was 2.65% in January 2021, and it is unlikely rates will drop below 3% in the near future [17]