Mortgage and refinance interest rates today, October 12, 2025: Best week of the year to buy a house

Mortgage rates are lower today. As per Zillow, the current national average for a 30-year fixed mortgage has decreased by two basis points to 6.28%, while the 15-year fixed rate has also fallen by two basis points, now standing at 5.56%.

New findings from Realtor.com indicate that this week is the optimal time of the year to purchase a home. With mortgage rates unlikely to see significant drops soon, if you’re prepared to buy, now might be a perfect opportunity.

• Discover the top mortgage lenders for first-time buyers.

Here are the latest mortgage rates based on the most recent data from Zillow:

• 30-year fixed: 6.28%

• 20-year fixed: 5.90%

• 15-year fixed: 5.56%

• 5/1 ARM: 6.52%

• 7/1 ARM: 6.63%

• 30-year VA: 5.88%

• 15-year VA: 5.39%

• 5/1 VA: 5.76%

Keep in mind that these figures represent national averages and are rounded to the nearest hundredth.

Additionally, here are today’s mortgage refinance rates, as per the latest Zillow data:

• 30-year fixed: 6.38%

• 20-year fixed: 5.97%

• 15-year fixed: 5.76%

• 5/1 ARM: 6.83%

• 7/1 ARM: 6.75%

• 30-year VA: 5.96%

• 15-year VA: 5.96%

• 5/1 VA: 5.61%

Again, these numbers are rounded to the nearest hundredth and reflect national averages. Mortgage refinance rates tend to be higher than the rates available when purchasing a new home, although this is not always the case.

Assess if it’s the right time to refinance your mortgage.

Utilize the mortgage calculator below to understand how various mortgage amounts and interest rates influence your monthly payments.

Our free mortgage calculator factors in elements such as property taxes and homeowners insurance, providing a thorough estimate of your total monthly payment, in contrast to only considering loan principal and interest.

The current average rate for a 30-year mortgage is 6.28%. This 30-year term is commonly chosen for its ability to lower monthly payments by distributing costs over 360 months.

The 15-year mortgage average rate is currently at 5.56%. When weighing between a 15-year and a 30-year mortgage, consider your immediate and long-term financial strategies.

A 15-year mortgage typically offers a lower interest rate compared to a 30-year term, which is advantageous over time as it enables you to settle the loan 15 years earlier, thus reducing total interest accumulation. However, this results in higher monthly payments since the loan amount is repaid in a shorter period.

For example, if you were to take a $300,000 mortgage at a 6.28% rate with a 30-year term, your monthly payment would be approximately $1,853, resulting in a total interest payment of $367,083 over the loan’s duration, in addition to the original $300,000.

Conversely, with the same $300,000 mortgage but under a 15-year term at a 5.56% rate, your monthly payments would rise to $2,461, while total interest paid would only be $142,946.

With a fixed-rate mortgage, your rate remains constant for the life of your loan, although refinancing will result in a new rate.

An adjustable-rate mortgage offers a stable rate for a designated initial period before it adjusts based on market conditions. For instance, in a 7/1 ARM, the initial rate is fixed for seven years and then fluctuates annually for the subsequent 23 years.

Adjustable rates generally begin lower than fixed ones; however, after the initial lock-in period, there’s a risk of increases. Interestingly, some recent fixed rates have been lower than adjustable rates, so it’s advisable to discuss options with your lender.

• Learn more about fixed-rate versus adjustable-rate mortgages.

Mortgage lenders typically offer the most competitive mortgage rates to borrowers with substantial down payments, strong credit scores, and favorable debt-to-income ratios. If your goal is to secure a lower rate, consider saving more, enhancing your credit score, or reducing your debt before house hunting.

Giving time for rates to fall isn’t likely the best strategy for securing the lowest mortgage rate. If you’re ready to purchase, concentrating on your financial health may prove more beneficial.

To identify the most suitable mortgage lender for your needs, aim for mortgage preapproval with several lenders, preferably within a brief timeframe to enhance comparison accuracy and minimize credit score impact.

When selecting a lender, it’s crucial to evaluate components beyond interest rates. Pay special attention to the mortgage annual percentage rate (APR), which encompasses the interest rate, any discount points, and associated fees, giving a clearer picture of the annual cost of borrowing. This figure is vital when comparing lenders.

Get 6 tips for selecting a mortgage lender.

Zillow reports the national average for a 30-year mortgage intended for home purchase is 6.28%, and the average for a 15-year mortgage is 5.56%. Bear in mind, these are national averages; rates in your specific locale may vary. Typically, areas with higher living costs see increased averages, while less expensive areas tend to have lower averages.

The average current rate for a 30-year fixed mortgage stands at 6.28%, according to Zillow. Nonetheless, you might qualify for a more favorable rate with a strong credit score and a substantial down payment along with a low debt-to-income ratio (DTI).

While mortgage rates may not show drastic decreases soon, there might be minor fluctuations in the coming weeks.