Mortgage and refinance interest rates today, November 16, 2025: With a downward trend, refinancing is up 150%

Core Insights - Mortgage rates have been trending lower, with the current 30-year fixed mortgage rate at 6.07%, leading to a 150% year-over-year increase in mortgage refinancing [1]. Current Mortgage Rates - The national average for the 30-year fixed mortgage rate is 6.07% [18]. - Other current mortgage rates include: - 20-year fixed: 5.99% - 15-year fixed: 5.54% - 5/1 ARM: 6.21% - 7/1 ARM: 6.29% - 30-year VA: 5.60% - 15-year VA: 5.22% - 5/1 VA: 5.20% [5]. Mortgage Refinance Rates - Today's mortgage refinance rates are also provided as national averages, which are typically higher than purchase rates [3]. Comparison of Mortgage Types - The average 30-year mortgage rate is 6.07%, while the average 15-year mortgage rate is 5.54% [7]. - A 15-year mortgage has a lower interest rate but results in higher monthly payments compared to a 30-year mortgage [8]. Financial Implications - For a $300,000 mortgage at a 30-year term with a 6.07% rate, the monthly payment would be approximately $1,812, with total interest paid over the loan's life being $352,383 [9]. - Conversely, a 15-year mortgage at a 5.54% rate would have a monthly payment of $2,458, with total interest paid being $142,372 [9]. Adjustable vs. Fixed-Rate Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting [10][11]. - ARMs typically start with lower rates but can increase after the initial period [12]. Strategies for Lower Rates - To secure lower mortgage rates, borrowers should focus on improving credit scores, increasing down payments, and reducing debt-to-income ratios [13]. - Waiting for rates to drop may not be the best strategy; focusing on personal finances is recommended [14]. Choosing a Mortgage Lender - It is advisable to apply for mortgage preapproval with multiple lenders within a short timeframe for accurate comparisons [15]. - When comparing lenders, the annual percentage rate (APR) should be considered as it reflects the true annual cost of borrowing [16][17].