Mortgage and mortgage refinance interest rates both declined on November 7, 2025.
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After multiple years of being stuck on the sidelines waiting for mortgage interest rates to cool down again, prospective homebuyers may want to reconsider their strategies. Mortgage rates have been falling for much of 2025 after starting the year slightly over 7%. That's been largely due to a combination of lower inflation rates, movement with the 10-year Treasury yield and a series of new Federal Reserve rate cuts that resumed in September following a series of cuts in the final months of 2024.
And while rates aren't as low as they were during the height of the pandemic in 2020 and 2021, they're far from the decades-high that they were in 2023, too. With another Fed meeting set for the final weeks of 2025 and, with it, an expectation that another cut could be issued then, rates here could soon drop even further. That will open new, more affordable opportunities both for buyers and homeowners looking to refinance their existing, high rate.
So, what are today's mortgage and mortgage refinance interest rates, as of November 7, 2025? Below, we'll break down what to know right now.
See how low your current mortgage interest rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate on the traditional 30-year mortgage loan is 5.99% as of November 7, 2025, according to Zillow. For those who don't mind a larger monthly payment in exchange for an expedited pay-off (and fewer interest costs), a 15-year mortgage term may be worth exploring. The average mortgage interest rate on the 15-year mortgage option is now 5.50%.
While rates aren't close to the 3% from five years ago, they're now under 6%, providing enough affordability for many buyers to consider entering into the home market again. And, if they do so now, before the holiday season commences and before the traditional spring homebuying season heats up, they may have more homes to choose from and less competition from other buyers.
Compare your top mortgage rate options online today.
What are today's mortgage refinance interest rates?
The average refinance rate on a 30-year refinance dropped overnight from 6.85% to 6.78%, as of November 7, 2025, according to Zillow. The average 15-year refinance rate, meanwhile, for those who want to secure a lower rate and pay off their mortgage in a more timely manner, remained at 5.77% as of Friday.
With average mortgage rates as high as 7.22% as recently as May 2024, according to FreddieMac data, today's refi numbers represent real savings for homeowners. Just be sure to calculate the potential cost savings here closely and don't forget to account for mortgage refinancing closing costs in the process. Finally, plan on staying in your home long enough to break even with the monthly savings compared to the closing costs. If you're planning on moving before that point, a refinance may not make sense right now.
Learn more about your mortgage refinancing options here.
The bottom line
Mortgage interest rates for a 30-year term are now under 6%, as of November 7, 2025, offering new, affordable opportunities for homebuyers. But that affordability isn't just limited to buyers as many owners may benefit from taking advantage of a refinance loan now as rates here are around 6.78% for a 30-year term and just 5.77% for a 15-year one. And remember that these are just averages. With a little time spent shopping around, qualified borrowers may be able to find even lower rates if they take prompt action now.
Edited by Angelica Leicht
