Mortgage and refinance interest rates today, November 18, 2025: Drifting, lacking a defined trend

Mortgage Rates Overview - Current 30-year fixed mortgage rate is 6.09%, a slight increase of two basis points, while the 15-year fixed rate remains at 5.54% [1] - Mortgage rates are currently stable, lacking a defined trend, similar to the 10-year Treasury yield [1] Current Mortgage Rates - National average mortgage rates include: - 30-year fixed: 6.09% - 20-year fixed: 6.10% - 15-year fixed: 5.54% - 5/1 ARM: 6.31% - 7/1 ARM: 6.34% - 30-year VA: 5.64% - 15-year VA: 5.30% - 5/1 VA: 5.28% [5] Refinance Rates - Current refinance rates are generally higher than purchase rates, with the 30-year fixed refinance rate at 6.23% [16] Mortgage Payment Calculations - A $400,000 mortgage at 30 years with a 6.09% rate results in a monthly payment of approximately $2,421, leading to total interest payments of $471,703 over the term [8] - A $400,000 15-year mortgage at 5.54% results in a monthly payment of about $3,277, with total interest payments of $189,829 [8] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [10][11] - ARMs may start with lower rates but carry the risk of increasing rates after the initial period [12] Future Rate Expectations - Economists do not anticipate significant drops in mortgage rates before the end of 2025, with potential rate cuts from the Federal Reserve being uncertain [13][17] - Any decreases in mortgage rates in 2026 are expected to be modest, influenced by economic conditions and inflation [18]