Mortgage rates this week
- The average rate on a 30-year fixed mortgage is up to 6.81% this week
- The average rate on a 15-year fixed mortgage is up to 5.92% this week
30-year fixed-rate mortgages
The average 30-year fixed mortgage rate increased to 6.81% this week, up from an average of 6.76% last week. A year ago at this time, the 30-year rate averaged 7.02%.
15-year fixed-rate mortgages
The average 15-year mortgage rate increased to 5.92% this week, up from an average of 5.89% last week. This time a year ago, the 15-year fixed rate averaged 6.28%.
Find the best mortgage rates to fit your budget
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Compare rates nowMortgage rate trends
See how mortgage rates have changed over the last three months. The average 30-year mortgage rate hit a high of 7.04% the week of January 16, while the average 15-year mortgage rate topped out at 6.27%, the same week.
| Week of | 30-year mortgage rate | 15-year mortgage rate |
|---|---|---|
| May 15, 2025 | 6.81% | 5.92% |
| May 8, 2025 | 6.76% | 5.89% |
| May 1, 2025 | 6.76% | 5.92% |
| April 24, 2025 | 6.81% | 5.94% |
| April 17, 2025 | 6.83% | 6.03% | April 10, 2025 | 6.62% | 5.82% |
| April 3, 2025 | 6.64% | 5.82% |
| March 27, 2025 | 6.65% | 5.89% |
| March 20, 2025 | 6.67% | 5.83% |
| March 13, 2025 | 6.65% | 5.80% |
| March 6, 2025 | 6.63% | 5.79% |
| February 27, 2025 | 6.76% | 5.94% |
| February 20, 2025 | 6.85% | 6.04% |
| February 13, 2025 | 6.87% | 6.09% |
| February 6, 2025 | 6.89% | 6.05% |
| January 30, 2025 | 6.95% | 6.12% |
| January 23, 2025 | 6.96% | 6.16% |
| January 16, 2025 | 7.04% | 6.27% |
What’s behind current mortgage rate trends?
Inflation: The current inflation rate is 3.0%, compared to 2.9% last month. Mortgage lenders often demand higher interest rates to compensate for the eroding purchasing power of money due to inflation.
Federal funds rate: The federal funds rate is set by central bank officials, and it’s the interest rate that banks charge one another for borrowing money. Central banks adjust key interest rates to control inflation or stimulate the economy, and mortgage rates can follow suit. The current federal funds rate is at 4.25% to 4.50%.
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Get StartedHow mortgage rates affect your monthly payments
Say you’re buying a $500,000 property, have a 10% down payment and lock in a 30-year fixed mortgage at today’s average rate of 6.81%. Using a mortgage calculator, your monthly mortgage payment would be $3,315 a month, not including property taxes and insurance.
When buying a home, keep in mind that most lenders want you to keep your housing expenses at or under 30% of your gross income. Based on your income and expenses, use this calculator to find out how much home you could afford at today’s mortgage rates.
Mortgage application demand increases
Demand for mortgages increased 1.1% this week from one week earlier, according to the Mortgage Bankers Association (MBA).
Meanwhile, the Refinance Index dcreased 0.4% from the previous week, and was 44% higher than the same week one year ago.
“Last week saw steadier mortgage rates, as the FOMC meeting played as predicted, and market movements led to a small two-basis point increase in the 30-year conforming rate to 6.86 percent,” said Mike Fratantoni, MBA’s SVP and Chief Economist.
"The news for the week was the growth in purchase applications, up 2.3 percent and almost 18 percent higher than last year’s pace. Despite the economic uncertainty, the increase in home inventory means there are additional properties to buy, unlike the last two years, and this supply is supporting more transactions.”
Should you buy a home at the current mortgage rates?
With the current 30-year fixed mortgage rate at 6.81%, you might wonder if now is the right time to buy a home. To help you make the best decision, ask yourself a few questions.
Am I financially stable? Reflect on your current financial situation, including your income, job stability, and overall financial health. Use a mortgage income calculator to determine what monthly mortgage payment you could comfortably afford. Remember to factor in property taxes, insurance and maintenance costs.
Where do I see myself in 5, 10 years? Imagine yourself five, 10, 15 years from now. What does your career look like? Are you in the same city/state? Thinking about your long-term plans can help you determine if buying a home at today’s mortgage rates is a good idea or not.
How’s my credit score? Your credit score plays a significant role in the interest rate you'll be offered. If it’s on the low end, you may want to focus on boosting your score. With a higher credit score, you can qualify for the best mortgage rates available.
Make your home work harder for you by making the most of your equity.
The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic. Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
