Mortgage and refinance interest rates today, November 7, 2025: A half-point lower than last year

Core Insights - Mortgage rates have decreased compared to one year ago, with the national average 30-year fixed mortgage rate at 6.22%, which is 57 basis points lower than last year [1][15] - The 15-year fixed mortgage rate has also seen a decline, now at 5.50%, which is half a point lower than the same time last year [1][15] - Freddie Mac's chief economist noted that the current rates could allow homebuyers to save thousands annually, indicating a gradual improvement in affordability [2] Current Mortgage Rates - The current national average rates for various mortgage types include: - 30-year fixed: 6.22% - 15-year fixed: 5.50% - 5/1 ARM: 6.47% - 7/1 ARM: 6.36% [1][5][6] - Refinance rates are generally higher than purchase rates, although this is not always the case [3] Future Projections - Industry forecasts suggest that mortgage interest rates will remain around current levels, with predictions indicating the 30-year rate could stay at 6% or higher for most of 2026 [14][16][17] - Fannie Mae projects a slight decrease to 5.9% in Q4 2026, while the Mortgage Bankers Association expects the 30-year rate to be 6.4% by the end of 2025 [14][16]