Today's mortgage interest rates are significantly lower than they were at this time last year.
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Monitoring the mortgage interest rate climate in recent years has often been frustrating for buyers and owners looking to refinance. Not only were rates exponentially higher than they were at the start of the decade but there frequently felt like there was no chance of them declining again anytime soon.
But that dynamic has changed a bit over the past year. Not only are mortgage interest rates down substantially from where they sat in January 2025, but in recent weeks, we have seen them decline to their lowest level since 2022, approximately, and they've largely remained there in recent weeks.
And while the 3% to 4% mortgage interest rate range of 2020 and 2021 is unlikely to surface now, in the final weeks of 2025, rates here are at least competitive again. Depending on your buyer or homeowner profile, they could even be low enough to justify making a move. So, what are today's mortgage interest rates, specifically, as of November 21, 2025? Below, we'll detail exactly what buyers and owners need to know to better inform their next steps.
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What are today's mortgage interest rates?
The average mortgage purchase interest rate on a 30-year term is 6.12%, as of November 21, 2025, according to Zillow. The average rate on a 15-year term is 5.37%, a slight decline from recent days and, potentially, low enough now for some homeowners to consider the shorter mortgage term.
For context, these rates were 7.04% and 6.27%, respectively, in January 2025, according to historical data from FreddieMac. And they were 6.84% and 6.02% on November 21, 2024. In other words, rates may not have plunged, but they're substantially lower than they have been in the recent past. Those declines could be the difference between being able to afford a home right now or pushing a purchase off until the future.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.75% as of November 21, 2025, according to Zillow. That's down by just a single basis point overnight. The average refi rate on a 15-year term, meanwhile, fell to 5.73%, potentially offering a cost-effective opportunity for homeowners who purchased a home in the high 6% or low 7% range in recent years.
While that could mean larger payments thanks to the expedited payoff timeline, today's 5.73% 15-year refinance rate represents real interest savings. Most experts recommend refinancing if you can secure a rate a full percentage point lower, while others may benefit from just a half a percentage point. But if you have a rate of 6.75% or higher now, and are comfortable with the abbreviated term, both of those thresholds can easily be surpassed with today's 15-year refinance option.
The bottom line
The average mortgage interest rate on a 30-year term is 6.12% and 5.37% for a 15-year one, as of November 21, 2025. The average refinance rate on a 30-year term is now 6.75% and 5.73% for 15-year options. All of these are lower than what many buyers and owners would have been offered in the recent past and, depending on your budget and goals, could even be low enough to justify taking the next steps. Consider speaking with a lender, then, who can answer your questions and better help you determine affordability in today's evolving rate climate.
Edited by Angelica Leicht
