Mortgage and refinance interest rates today, November 27, 2025: Lowest since October 2024

Mortgage Rates Overview - Mortgage rates are currently at their lowest since October 2024, with the average 30-year fixed mortgage rate at 6.23%, down from 6.81% a year ago [1] - The 15-year fixed mortgage rate is at 5.51%, down from 6.10% a year ago [1] Current Mortgage Rates - Current national average mortgage rates include: - 30-year fixed: 6.00% [5] - 20-year fixed: 5.86% [5] - 15-year fixed: 5.50% [5] - 5/1 ARM: 6.11% [5] - 7/1 ARM: 6.15% [5] - 30-year VA: 5.44% [5] - 15-year VA: 5.10% [5] - 5/1 VA: 5.11% [5] Refinance Rates - Today's refinance rates are generally higher than purchase rates, but this is not always the case [3][12] - Current refinance rates include: - 30-year fixed: 6.14% [6] - 20-year fixed: 6.05% [6] - 15-year fixed: 5.60% [6] - 5/1 ARM: 6.55% [6] - 7/1 ARM: 6.72% [6] - 30-year VA: 5.57% [6] - 15-year VA: 5.18% [6] - 5/1 VA: 5.04% [6] Mortgage Rate Determinants - Mortgage rates are influenced by controllable factors such as credit scores, debt-to-income ratios, and down payments [10][11] - Uncontrollable factors include economic conditions, where struggling economies lead to lower rates to encourage borrowing, while strong economies result in higher rates [12] Types of Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have rates that can change after an initial fixed period [8] - A 30-year fixed mortgage offers lower monthly payments but incurs more interest over time, whereas a 15-year fixed mortgage has higher monthly payments but lower overall interest costs [13][14] Market Insights - The lowest-ever 30-year fixed mortgage rate was 2.65% in January 2021, and rates are unlikely to drop below 3% in the near future [17] - Experts suggest refinancing when a new rate is at least 1% to 2% lower than the current rate, depending on individual financial goals [18]