Average set mortgage rates mostly kept in location from yesterday morning while the more volatile 5/1 adjustable rate took a substantial action down.
Today's market information, led by another day of decreasing Treasury yields, should put down pressure on interest rates in the near-term.
Current mortgage and refinance rates
> Related: 7 Tips to get the best refinance rate
30-year set rate mortgage
At the time this was released, the average 30-year fixed mortgage rate reached 6.62%.
The average 30-year set rate mortgage (FRM) hit a record weekly low of 2.65% on Jan. 7, 2021, and a record weekly high of 8.89% on Dec. 16, 1994, according to Freddie Mac.
A 30-year FRM provides borrowers an economical option but you pay more interest over the life of the loan compared to much shorter mortgages.
15-year set rate mortgage
Today, the typical 15-year fixed mortgage rate went to 5.85%.
The average 15-year FRM struck a record weekly low of 2.1% on July 29, 2021, and a record weekly high of 18.63% on Sep. 10, 1981, according to Freddie Mac.
The 15-year FRM offers debtors a briefer term with less accrued interest, however the month-to-month payments will be much greater.
5/1 adjustable-rate mortgage
This morning's 5/1 adjustable rate mortgage averaged 5.76%.
Adjustable-rate mortgages (ARMs) usually have lower initial interest rates compared to set loans. Once that preliminary duration ends, the rate of interest adapts to the existing market conditions. In this case, the initial period is five years and the adjustments depend on when every year. Homeowners with much shorter term lending strategies tend to see these as advantageous.
Market information impacting today's mortgage rates
Here's a picture of the state of play as this post was published. The data mainly compares to approximately the very same time business day before, so much of the movement will frequently have occurred in the previous session. The numbers are:
- The yield on 10-year Treasury notes decreased to 4.302% from 4.313%. (Helpful for mortgage rates.) More than any other market, mortgage rates generally tend to follow these specific Treasury bond yields
- Major stock indexes mostly fell today. (Helpful for mortgage rates.) When financiers purchase shares, they frequently sell bonds, pushing those prices down and increasing yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil rates increased to $63.10 from $62.65 a barrel. (Bad for mortgage rates *.) Energy costs play a prominent function in developing inflation and also point to future financial activity
Gold prices increased to $3,389 from $3,380 an ounce. (Neutral (but relocating a great instructions) for mortgage rates .) It is normally better for rates when gold rates increase and worse when they fall. Because gold tends to rise when financiers stress over the economy.
CNN Business Fear & Greed Index decreased to 55 from 64 out of 100. (Good for mortgage rates.) "Greedy" investors press bond rates down (and rates of interest up) as they leave the bond market and move into stocks, while "fearful" investors do the opposite. So, lower readings are often better than greater ones
A motion of less than $20 on gold rates or 40 cents on oil prices is a modification of 1% or less. So we only count significant differences as great or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic turmoils, and war in Ukraine, you might look at the above figures and make a pretty excellent guess about what would take place to mortgage rates that day. But that's no longer the case. We still make everyday calls. And are generally ideal. But our record for precision will not achieve its previous high levels up until things settle down.
So, use markets just as a rough guide. Because they need to be remarkably strong or weak for us to rely on them. But, with that caveat, mortgage rates today may push upward or barely budge. However, understand that "intraday swings" (when rates alter speed or instructions during the day) are a common feature today.
What's driving mortgage rates today?
Today
While no financial reports come out today, two Federal Reserve executive speak.
At 11am ET, Fed Governor Christopher Waller will give a speech about payment innovation at the 2025 Wyoming Blockchain Symposium and can be enjoyed here. At 2pm, Atlanta President Raphael Bostic goes on at the Fintech South 2025 conference and will go over monetary policy. As always, their words will be dissected for any suggestions on the upcoming Fed meeting and rate choice in September.
Recent trends
Freddie Mac's August 14 report put the weekly 30-year set mortgage rate average at 6.58%, down 5 basis points from the previous week. But note that Freddie's data are generally out of date by the time it announces its weekly figures. Still, they're a great way to track patterns.
Expert projections for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of financial experts dedicated to keeping an eye on and forecasting what will take place to the economy, the housing sector and mortgage rates.
Here are their quarterly rate projections for the 2025.
The numbers in the table listed below are for 30-year, fixed-rate mortgages. Fannie updated its forecast on July 11 and the MBA updated theirs on July 17.
In its Mortgage Market Outlook published Jan. 24, Freddie Mac wrote, "our outlook for the U.S. economy in 2025 is favorable, though we expect the pace of development to moderate. In late 2024, the U.S. labor market started revealing signs of cooling and we expect that to continue in 2025. Modestly higher joblessness and slower job gains will decrease a few of the pressures on inflation."
Obviously, given a lot of unknowables, these forecasts may be even more speculative than typical. And their previous record for accuracy - due to the volatile nature of rate of interest - hasn't been extremely outstanding.
Mortgage rate approach
The Mortgage Reports gets rates based on selected requirements from multiple providing partners every day. We reach an average rate and APR for each loan type to show in our chart. Because we average a variety of rates, it provides you a better idea of what you may find in the marketplace. Furthermore, we balance rates for the exact same loan types. For instance, FHA fixed with FHA repaired. The end result is an excellent photo of day-to-day rates and how they alter in time.
Current mortgage rates method
We receive present mortgage rates every day from a network of mortgage lenders that offer home purchase and refinance loans. Those mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
Today's mortgage rates FAQ
What is a good mortgage rate?
A good mortgage rate is one that lines up with present market patterns and your monetary scenario. Since August 14, 2025, the average rate for a 30-year set mortgage is 6.58%, while the 15-year fixed mortgage balanced 5.71%, according to Freddie Mac.
How is your mortgage rate identified?
Mortgage rates are affected by numerous factors, including the economy, the customer's credit history, the loan term, and the overall housing market conditions. Lenders likewise consider the loan quantity, deposit, and whether the loan is a conventional or government-backed loan.
How to get the most affordable possible rate today?
When looking for the lowest possible mortgage rates, it's necessary to cast a wide net. Make the effort to check out offerings from different lending institutions, consisting of banks, cooperative credit union, and online mortgage providers. By gathering several quotes, you'll be better equipped to determine the most competitive rate and terms that line up with your monetary goals.
Is fixed or an adjustable-rate mortgage better?
Choosing between the two typically boils down to your monetary objectives and risk tolerance. If you prioritize predictability and plan to stay in your home long-term, a fixed-rate mortgage might be a strong option. However, if you're comfortable with some level of risk and anticipate selling or refinancing before prospective rate modifications start, an adjustable-rate mortgage might use lower rates that might fit your requirements.
Should you secure your mortgage rate today?
Many forecasts predict mortgage rates will decrease slowly through 2025. However, this decrease might be slow, and short-term rate boosts are possible. If you're closing quickly, securing your rate might provide stability, but trust your impulses and run the risk of tolerance when deciding whether to float or lock.