Mortgage and refinance interest rates today for November 17, 2025: With rates this low, will you go with a 30- or 15-year term?

Core Insights - Mortgage rates have decreased from over 7% in January to an average of 6.07% for a 30-year fixed mortgage, with a 15-year fixed rate at 5.54% [1][19][20] Current Mortgage Rates - The current national average for a 30-year fixed mortgage is 6.07%, while the 15-year fixed rate is 5.54% [19][20] - Other mortgage rates include 20-year fixed at 5.99%, 5/1 ARM at 6.21%, and 7/1 ARM at 6.29% [5][19] Mortgage Payment Calculations - For a $300,000 mortgage at a 30-year term with a 6.07% rate, the monthly payment would be approximately $1,812, resulting in $352,383 in interest over the loan's life [9] - Conversely, a 15-year mortgage at 5.54% would have a monthly payment of $2,458, with total interest paid amounting to $142,372 [10][11] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed mortgages but can increase after the initial fixed period [12][13] - The 5/1 ARM has a current rate of 6.21%, and it is noted that some ARMs may be similar to or higher than fixed rates [19][14] Strategies for Lower Mortgage Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [15] - Options for reducing interest rates include paying for discount points at closing or considering temporary buydowns [16][17] Market Outlook - Mortgage rates are not expected to drop significantly before the end of the year, influenced by factors such as government shutdown, inflation, tariffs, and Federal Reserve actions [21]