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All rates listed in this article are based on national averages and not on any specific borrower. Your rate and APR will be different. It will be based on your personal finances and details about the property you're buying or refinancing.
The average 30-year fixed mortgage rate is 6.69%, and the average 15-year fixed rate is 6.26%, the lowest 30-year reading in nearly four weeks.
Rates dropped noticeably on Thursday thanks to a combination of lower oil prices and a softer-than-expected Producer Price Index (PPI) reading. Bonds are highly sensitive to the inflation outlook, and fuel prices are one of the more immediate signals of where inflation is heading.
Wednesday's Consumer Price Index and Thursday's PPI both pointed the same direction, which is part of why this week's move has been fairly consistent.
This article shows national averages. The exact number you're offered will depend on your credit profile, loan type, and lender. If you're actively shopping, the next step is comparing a personalized rate against these national averages.
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Today's mortgage rates at a glance
Here's where the major loan products stand as of the most recent settled index:
| Loan Type | Rate | Daily Change |
|---|---|---|
| 30-Year Fixed | 6.69% | -0.05% |
| 15-Year Fixed | 6.26% | -0.01% |
| 30-Year Jumbo | 6.83% | -0.02% |
| 7/6 SOFR ARM | 6.29% | -0.01% |
| 30-Year FHA | 6.28% | -0.01% |
| 30-Year VA | 6.29% | -0.02% |
Every lender prices loans differently based on credit score, down payment, loan size, and property type, so the rate you're quoted will not match the national average.
What's moving rates this week
Mortgage rates track the bond market, not the Federal Reserve's rate decisions directly. Oil prices have been swinging with the broader Iran war news cycle, and every dip in fuel prices this year has tended to coincide with lower rates.
This week added official confirmation from both sides of the inflation picture: Wednesday's CPI came in exactly as expected, and Thursday's PPI came in slightly below forecasts.
Together, they gave the bond market enough conviction to push rates down to their best level since mid-July.
What a $350,000 mortgage could cost at today's rates
What would today's average rates mean for monthly payments? This table shows the effect of rates on monthly payments in hypothetical mortgage loans. Your numbers will be different. They'll be based on your personal finances, property type, and location.
| Loan Type | Rate | Term | Est. Monthly P&I |
|---|---|---|---|
| 30-Year Fixed | 6.69% | 30 yrs | $2,256 |
| 15-Year Fixed | 6.26% | 15 yrs | $3,003 |
| 30-Year Jumbo | 6.83% | 30 yrs | $2,289 |
| 7/6 SOFR ARM | 6.29% | 30 yrs | $2,164 |
| 30-Year FHA | 6.28% | 30 yrs | $2,162 |
| 30-Year VA | 6.29% | 30 yrs | $2,164 |
These numbers show principal and interest only. They don't include property taxes, homeowners insurance, or mortgage insurance, all of which affect your actual monthly payment.
Better's mortgage calculator can show payments at different interest rates and with insurance and taxes included.
Fixed vs. ARM vs. Government-backed: Which rate fits you?
Not every borrower is shopping for the same loan, and the "best" rate depends on the loan type that fits your situation:
- 30-year fixed offers predictable payments for the life of the loan. It's the most common choice for buyers who plan to stay in the home long-term or simply want payment stability.
- 7/6 SOFR ARM starts with a lower initial rate — currently averaging 6.29% versus 6.69% for a 30-year fixed — that adjusts every six months after an initial seven-year fixed period, based on the Secured Overnight Financing Rate (SOFR). This can make sense for borrowers who expect to sell, refinance, or pay off the loan before the adjustable period begins, but it carries the risk that rates could be higher when it resets.
- FHA loans (6.28%) allow for lower down payments and more flexible credit requirements, backed by the Federal Housing Administration, but require mortgage insurance premiums that don't automatically go away like conventional PMI in most cases. See FHA vs. conventional loans for a more thorough comparison.
- VA loans (6.29%) are available to eligible veterans, active-duty service members, and some surviving spouses, often with no down payment required and no ongoing mortgage insurance.
- Jumbo loans (6.83%) apply to loan amounts above the conforming loan limit set by the Federal Housing Finance Agency (FHFA) each year, and typically carry stricter credit and reserve requirements.
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Should you lock today or wait?
There's no universal answer here, and no one can reliably predict which way rates will move next. It also helps to know that mortgage rates aren't entirely fixed by the lender. Your credit profile, points, and lender comparison all play a role. What's worth weighing:
- Rates are at their best level in nearly a month. If you lock today, you capture the current rate regardless of what happens after.
- Oil prices and the broader inflation picture remain the key variable. Further declines could push rates lower still, but the reverse is also possible.
- A rate lock protects you from increases between now and closing, typically for a set window (often 30–60 days), but it also means you won't benefit if rates drop further after you lock, unless your lender offers a float-down option.
If you already have a mortgage at a higher rate than today's averages, it may be worth checking whether a refinance pencils out.
Our guide on when to refinance a mortgage walks through the break-even math.
Timing a rate lock is ultimately a personal risk decision: how much certainty you want versus how much upside you're willing to give up.
Frequently Asked Questions
What is the average 30-year mortgage rate today, and is it a good time to lock?
As of the most recent settled index, the average 30-year fixed rate is 6.69%, the lowest level in nearly four weeks. Whether it's a "good" time to lock depends on your timeline and risk tolerance.
Can I get a lower rate than the national average if I have a 750+ credit score and a 20% down payment?
Maybe. National averages reflect a broad mix of credit scores, down payments, and loan types. Borrowers with stronger credit, a larger down payment, and lower debt-to-income ratios may qualify for rates below the published average, though the exact discount varies by lender.
Is a 7/6 SOFR ARM riskier than a 30-year fixed rate right now?
ARMs carry a different kind of risk. A 7/6 ARM starts lower than the 30-year fixed rate today, but after the initial seven-year fixed period, it adjusts every six months based on the SOFR index, which could push your payment up or down depending on where rates are at that time. A 30-year fixed rate carries no adjustment risk at all.
Why do oil prices affect mortgage rates?
Oil prices are a leading indicator of inflation, since fuel costs feed into the broader cost of goods and services. Bond investors price mortgage-backed securities based partly on where they expect inflation to head, so a drop in oil prices can signal lower future inflation and pull mortgage rates down with it.
Today's average rates are the lowest in about four weeks
Today's average 30-year fixed rate is 6.69%, the best level in nearly four weeks after a week of favorable inflation data.
National averages offer a barometer for mortgage costs, but they don't apply directly to your loan.
The most reliable way to know what you'd actually qualify for is to check your personalized rate directly.
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