Mortgage and refinance interest rates today, December 28, 2025: Threatening to slip below 6%

Core Insights - National average mortgage rates are approaching 6%, with the average 30-year fixed mortgage rate at 6.01% and the 15-year fixed rate at 5.47% [1][17] - Some major lenders are already offering 30-year fixed rates below 6% [1] Current Mortgage Rates - The current national average mortgage rates include: - 30-year fixed: 6.01% - 20-year fixed: 5.93% - 15-year fixed: 5.47% - 5/1 ARM: 6.11% - 7/1 ARM: 6.34% - 30-year VA: 5.59% - 15-year VA: 5.19% - 5/1 VA: 5.24% [5] Mortgage Refinance Rates - Current mortgage refinance rates are generally higher than purchase rates, although this is not always the case [3] Mortgage Payment Calculations - A $300,000 mortgage at a 30-year term with a 6.01% rate results in a monthly payment of approximately $1,800, with total interest paid over the loan's life being $348,209 [8] - The same mortgage at a 15-year term with a 5.47% rate results in a monthly payment of $2,446, with total interest paid being $140,366 [8] Fixed vs. Adjustable-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 based on market conditions [9][10] - ARMs typically start with lower rates than fixed rates, but rates may increase after the initial period [11] Factors for Low Mortgage Rates - Lenders offer the lowest rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [12] - Improving personal finances is suggested as a better strategy than waiting for rates to drop [13] Choosing a Mortgage Lender - It is advisable to apply for mortgage preapproval with multiple lenders within a short time frame for accurate comparisons [14] - When comparing lenders, the annual percentage rate (APR) should be considered as it reflects the true annual cost of borrowing [15] Future Rate Expectations - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to remain near 6.4% through 2026, while Fannie Mae predicts rates above 6% next year, potentially dropping to 5.9% in Q4 2026 [19]