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While it’s often worth monitoring the mortgage interest rate climate daily for brief windows of opportunity to act, buyers would be forgiven if they skipped this approach in recent years. After all, rates here steadily increased after falling to near record lows during the height of the pandemic. By 2023, mortgage interest rates were at their highest level since 2000, offering scarce options for buyers looking for an affordable way to purchase a home.
Slowly but steadily, however, the mortgage interest rate climate has softened. The Federal Reserve has issued five rate cuts over the past year, approximately, and mortgage rates in recent weeks have responded by declining to a three-year low. While they’ve ticked up slightly since, they’re still significantly lower when compared to where they were at the start of 2025 and may now be low enough to justify reentering the homebuying market.
So, what are today’s mortgage interest rates, as of November 18, 2025? Below, we’ll detail everything buyers and owners looking to refinance need to know to make an informed decision.
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What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 6.12% as of November 18, 2025, according to Zillow. The average mortgage interest rate on a 15-year mortgage, meanwhile, is now just 5.50%, potentially offering a substantial savings opportunity for buyers looking to reduce their interest costs and pay off their mortgage in a more rapid manner at the same time.
And while 6.12% on a 30-year mortgage term may not feel particularly cheap now, especially compared to the 3% or 4% that was available here at the start of the decade, historically today’s rates are in line with what buyers would often be offered. Today’s 6.12% rate is almost a full percentage point lower than the approximate 7% rate buyers would have otherwise secured in January 2025, so it could be worth taking the time to shop for rates and lenders online now to see how low your offers may actually be.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage term is 6.74% as of November 18, 2025, according to Zillow. The average mortgage refinance rate on a 15-year term is now 5.76%. While the 30-year mortgage refinance rate is only applicable for a few homeowners right now, especially after so many locked in very low rates in 2020 and 2021, the 15-year alternative could be worth investigating for those who purchased a home in 2023 or 2024.
Homeowners who have a mortgage rate around 7% or higher could realize significant interest savings by refinancing into a 15-year term now. While refinancing to a new rate that’s one full percentage point lower is generally advisable, even half a percentage point may be worth it for some homeowners. So take a closer look at your 15-year mortgage refinancing options now. A bigger payment may be manageable at this rate and it will save you interest and expedite your payoff timeline all at the same time.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 6.12% as of November 18, 2025 and 5.50% for a 15-year term. Refinancing rates, meanwhile, are on the same range, sitting at 6.74% for a 30-year refi and 5.76% for a 15-year option. And remember that these are just averages. If you have a good-to-excellent credit score, clean credit history and are willing to make a larger down payment than the conventional 20% on a purchase, you may be able to find rates that are even lower by shopping around online right now.