Mortgage and refinance rates today, March 25, 2026: The first rate break in a week

Mortgage Rates Overview - The 30-year fixed mortgage rate has decreased by eight basis points to 6.29%, while the 15-year fixed rate has dropped by five basis points to 5.77%, marking the first rate reduction in a week [1] - Current national average mortgage rates include: 30-year fixed at 6.29%, 20-year fixed at 6.25%, 15-year fixed at 5.77%, 5/1 ARM at 6.35%, 7/1 ARM at 6.35%, 30-year VA at 5.93%, and 15-year VA at 5.57% [4] Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, with national averages rounded to the nearest hundredth [3] Adjustable-Rate Mortgages (ARMs) - ARMs, such as the 5/1 ARM, offer lower initial rates compared to fixed-rate mortgages, but they carry the risk of rate adjustments after the initial period [12][13] - The unpredictability of future rates can lead to higher costs if rates increase after the introductory period [13] Advantages and Disadvantages of Mortgage Types - A 30-year fixed mortgage provides lower and predictable monthly payments, but comes with higher overall interest costs due to the longer term [7][9] - A 15-year fixed mortgage has higher monthly payments but offers lower interest rates and the benefit of paying off the mortgage sooner, potentially saving significant amounts in interest [10][11] - The choice between fixed and adjustable rates should consider individual circumstances, including plans to move before the adjustable period ends [14] Market Context - Mortgage rates have generally been higher since early March, influenced by market volatility related to geopolitical events [17]