Current mortgage rates are down today and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate until now.

The current mortgage rate on a 30-year fixed mortgage rose by 2.00% in the last week to 6.31%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage climbed 0.14 percentage point during the same period to 5.

On Wednesday, the Fed lowered its benchmark federal funds rate by a quarter percentage point to a range of 3.75% to 4%.

The average rate on the 30-year fixed mortgage fell this week to 6.17%, according to the latest Freddie Mac data released on Thursday. That is down from last week's reading of 6.19%.

The rate on a 30-year fixed refinance rose to 6.37% today, according to the Mortgage Research Center. Rates averaged 5.38% for a 15-year financed mortgage and 6.05% for a 20-year financed mortgage.  R

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The Fed’s cut has grabbed headlines, but mortgage rates can do their own thing. Learn what’s driving them—and what it means if you’re buying or looking to refinance.

Any decision by the Federal Reserve to end its "quantitative tightening" program to shrink its balance sheet could nudge mortgage rates lower, said Sam Williamson, senior economist at First American.