Mortgage interest rates are hovering near recent lows, as of November 6, 2025.
M.photostock/Getty Images
Mortgage interest rates, despite being much higher than they were at the start of the decade, have been on a slow and welcome decline for much of 2025. After hitting their highest levels in decades as recently as August 2023, rates here have dropped significantly in recent months. In September, the average mortgage rate declined to 6.13%, its lowest level in three years. And while it ticked up slightly in the weeks that followed, it fell back to that point in late October, timed against a Federal Reserve interest rate cut in the final days of the month.
But with the reverberations of that rate cut still being felt in the interest rate space and the prospect of another Fed rate cut in the final 2025 Fed meeting in December uncertain, buyers may be wondering about where rates stand now, as of November 6, 2025. Below, we'll detail what rates are currently and what buyers (and owners looking to refinance) may want to do in response.
See how low your current mortgage rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate on a traditional 30-year mortgage loan is now 6.125%, as of November 6, 2025, according to Zillow. It's also 6.125% for a 20-year mortgage term, offering little relief for borrowers who are looking to pay off their loan in an expedited manner.
But it's comfortably below 6% on fixed, 15-year terms, with the average rate there now at just 5.500%. While that will lead to bigger mortgage payments thanks to the condensed pay-off timeline, it could be worth it for some buyers in today's economy. That's especially true if borrowers make payments on a bi-weekly basis, which will reduce that 15-year timeframe even further thanks to additional payments toward the principal.
Evaluate all of your mortgage rate options carefully, then, to better determine which makes the most sense for your budget now and determine which makes the most sense for your long-term financial goals, too.
Compare your top mortgage rate options online today.
What are today's mortgage refinance interest rates?
The average mortgage refinance interest rate on a 30-year term is 6.87%, as of November 6, 2025, according to Zillow. The average mortgage refinance interest rate on a 15-year term, however, is now 5.80%, opening a window of opportunity for borrowers who want to save on interest costs and pay their home off more rapidly.
Homeowners who purchased their home in the high-rate climate of 2023 and 2024 may be looking for ways to refinance and save money. And while rates here aren't as low as many would prefer, they could still be low enough to justify refinancing.
It's also worth noting that while the conventional wisdom is that a refinance is worth pursuing if you can secure a mortgage rate one full percentage point lower than your current one, many owners may realize sizable relief with a rate that's just half a point lower. Calculate your savings potential closely, then, to determine which category you fall into.
Learn more about your mortgage refinancing options here.
The bottom line
Mortgage purchase rates as of November 6, 2025, remain in the low 6% range for 30-year terms. Refinance rates, meanwhile, are in the high 6% range for 30-year options and in the high 5% range for 15-year refinances. While these rates aren't as low as they were during the pandemic, they're still historically competitive and, with the right approach and budget, may support a purchase or refinance move by select buyers and owners right now.
Edited by Angelica Leicht
