Mortgage interest rates may be low enough to justify buying or refinancing an existing property now.
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Mortgage interest rates have been so high for so long that homebuyers and owners hoping to refinance could be forgiven if they've given up on a purchase or refinance. But that could be a mistake now, in the final weeks of 2025, considering that rates here have dropped by a not insignificant amount already this year. And they could continue that decline in the weeks ahead if the Federal Reserve continues its recent interest-rate cut campaign (which looks increasingly likely).
Mortgage interest rates, frequently found over 7% in recent years (and even in early 2025), hit a 3-year low in both September and October and have been hovering around that level in the weeks since. Any economic data releases or news in the weeks ahead could easily cause rates here to fall further, opening up new opportunities for buyers and owners that simply seemed unattainable at this point in 2024.
To determine the merit of taking action now, it helps to know what today's current mortgage interest rates actually are, as of November 26, 2025. Below, we'll detail everything to know to make an informed decision.
See how low your current mortgage interest rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 5.99%, as of November 26, 2025, according to Zillow. The average mortgage interest rate on a 15-year term is 5.50%. Both rates remained unchanged overnight and are hovering around where they have been in recent weeks.
While the chances of a Fed rate cut on December 10 are growing now, especially in light of the most recent unemployment report, borrowers shouldn't hesitate to lock in today's lower rates if they fit their budget. There's no guarantee that the Fed will cut rates when it meets for the final time of the year and, if a rate cut is issued, it's likely to be by just 25 basis points. Also, depending on the lender, this presumed rate reduction may already be "priced in" with the offers they're providing to buyers now, or soon will be.
Finally, even if rates were to materially fall below what you lock in now, many lenders will offer a mortgage rate float-down option (for a fee) in which you could unlock today's rate and then lock in the new, lower one. In other words, if today's rates work for you, there are few downsides to locking one in now.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term increased to 6.73%, from 6.66%, on November 26, 2025, according to Zillow. The average refinance rate on a 15-year term is now 5.65%, down from 5.68% on Tuesday. While these rates may not be low enough to support a refinance application for homeowners who purchased a home prior to 2023, they could certainly justify taking action for homeowners who bought a home with a rate of 7% or higher.
Take the time, then, to determine the savings opportunity presented now, whether it's via a mortgage refi rate half a percentage point lower than your existing one or one that's a full percentage point lower or better. You may be surprised at how much lower your new monthly payments could be.
The bottom line
The average mortgage purchase rate on a 30-year term is 5.99% as of November 26, 2025 and 5.50% on a 15-year term. The average refi rate on a 30-year term is currently 6.73% and 5.65% on a 15-year term. Take the time this holiday weekend, then, to crunch the numbers here. While rates aren't as attractive as they once were, new developments could justify purchasing or refinancing now, in the final weeks of the year.
Edited by Angelica Leicht
