Mortgage interest rates may now be low enough to justify purchasing or refinancing activity.
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While millions of Americans find themselves busy with Thanksgiving this week and the holiday season overall, homebuyers and current owners considering a refinance may want to take a moment to revisit the mortgage rate climate. Not only have mortgage interest rates been steadily declining for much of 2025, but they've fallen to 3-year lows multiple times in recent weeks.
And that decline may not be over. With the chances of a Federal Reserve interest rate cut for the central bank's final meeting of 2025 growing and the reality that mortgage lenders often reduce interest rates in anticipation of a reduction, mortgage purchase and refinance rates may already be low enough to justify action. Or they could be in the days and weeks ahead.
To better determine the value of taking action now or waiting a bit longer, buyers and owners need to familiarize themselves with the mortgage interest rate landscape as it stands now, as of November 25, 2025. So, what are today's mortgage purchase and refinance rates? Below, we'll detail everything you need to know now.
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What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year term is 5.99% as of November 25, 2025, according to Zillow, while the median rate on a 15-year term is 5.37%. Both rates remained the same overnight, but both are a bit lower than they had been over the past week. Still, buyers don't have to look too far to see how much more affordable rates here have become. As recently as January 2025, for example, the average 30-year rate was 7.04% and 6.27% for a 15-year term, according to FreddieMac data.
So there's been enough movement here for buyers who just needed a bit of breathing room in their budgets to justify a purchase. But with expectations surrounding other rate cuts unknown and the potential for additional buyers to flood the market when and if those rate cuts ultimately materialize, there's a compelling case to be made for acting now. If rates fall prior to a closing, many lenders will allow buyers to float their rate down to the new, lower option. In the interim, however, they'll be locked in with one of today's lower rates.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term declined to 6.62% on November 25, 2025, according to Zillow. That's down from 6.72% in recent days. The median refinance rate on a 15-year term, meanwhile, also dropped to 5.66% from 5.71%. While the longer refinance rate may only be advantageous for a small number of homeowners, the 15-year refinance rate could now be low enough to support an application.
Not only is this rate materially lower than the 7%-plus rates that were common in recent years, but homeowners will also expedite their payoff timeline by refinancing into a term that's half their existing one. At the same time, a condensed mortgage term will mean larger monthly payments, too. Be sure to calculate the costs carefully before electing to proceed with a refinance term of this length.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.99% as of November 25, 2025, and 5.37% on a 15-year term. The average mortgage refi rate on a 30-year term is currently 6.62% and 5.66% for a 15-year alternative. While these are far from the ultra-low rates offered at the start of the decade, they're also far from the highs buyers and owners were offered in 2023 and 2024. Take the time, then, to do the math to see if today's rates are low enough to fit your budget. You may be surprised how affordable they've now become.
Edited by Angelica Leicht
