Mortgage Rates Today: Compare Current Rates from Top Lenders
This comprehensive guide provides current mortgage rates from leading lenders, practical steps for rate shopping, and actionable strategies to secure the best home loan rates available today.
Current Mortgage Rates Today: What You Need to Know
As of September 2025, mortgage rates today are hovering around 6.55% for 30-year fixed loans, with recent data showing rates have dropped to their lowest levels since October 2024. If you're shopping for a home loan, understanding today's mortgage rates and how to compare offers from top lenders can save you thousands of dollars over the life of your loan.
The current rate environment represents a significant shift from the historic lows of 2-3% we saw during the pandemic, when unprecedented government action helped drive rates down. However, savvy borrowers who understand how to navigate today's market can still find competitive rates and favorable terms.
Today's Mortgage Rates by Loan Type
Here's a snapshot of current mortgage rates today across different loan types:
30-Year Fixed Mortgage Rates
The average 30-year fixed mortgage rate ranges from 6.46% to 6.55% APR depending on the lender and your qualifications. This remains the most popular choice for homebuyers due to lower monthly payments spread over 360 months.
15-Year Fixed Mortgage Rates
Current 15-year mortgage rates are averaging between 5.37% and 5.76% APR. While monthly payments are higher, you'll pay significantly less interest over the loan's lifetime.
Adjustable-Rate Mortgage (ARM) Rates
For adjustable rates like a 7-year ARM, current rates are around 5.875%, offering initial savings before potential rate adjustments.
Top Mortgage Lenders and Their Current Offerings
When comparing home loan rates today, consider these leading lenders known for competitive rates and strong customer service:
National Online Lenders
Rocket Mortgage stands out for its streamlined digital process and comprehensive loan options, including conventional, FHA, VA, and jumbo loans. The lender offers custom mortgages with fixed-rate terms from 8 to 29 years and is available in all 50 states.
Zillow Home Loans provides transparent rate information and offers both fixed and adjustable-rate options. As of September 2025, they're quoting 30-year fixed rates at 6.125% and 15-year rates at 5.25%.
Traditional Banks and Credit Unions
Large banks often provide relationship discounts for existing customers, while local credit unions may offer more personalized service and competitive rates for members.
Government Loan Specialists
First Federal Bank stands out for government lending, with over 40% of their loans being FHA, VA, or USDA loans, and they typically offer rates on the lower side according to federal data.
How to Compare Mortgage Interest Rates Today
Step 1: Understand Rate vs. APR
The mortgage interest rate is what you pay on the principal, while the Annual Percentage Rate (APR) includes additional fees and costs. The APR will always be higher than the interest rate and represents the true cost of borrowing.
Step 2: Gather Multiple Quotes
Research shows that mortgage borrowers who compare rate offers have around a 46% chance of saving money. Freddie Mac research indicates that shopping around can save homebuyers $600 to $1,200 annually in high-rate environments.
Step 3: Submit Applications on the Same Day
When applying for mortgages, submit multiple applications on the same day to make apples-to-apples comparisons, as interest rates change daily.
Step 4: Compare Loan Estimates
Focus on three key elements when reviewing loan estimates:
- Interest rate
- Total fees and closing costs
- Annual Percentage Rate (APR)
Practical Steps to Secure the Best Mortgage Rates
Improve Your Credit Score
Your credit score significantly impacts the rates you'll qualify for. A better credit score shows you're a reliable borrower and can help you qualify for better mortgage rates. Aim for a score of 740 or higher for the best rates.
Increase Your Down Payment
Putting down more money upfront reduces the risk for lenders, which could help lower your interest rate. While 20% down is ideal, many programs allow lower down payments.
Lower Your Debt-to-Income Ratio
Keeping your debts low shows you can reliably pay off your loan and increases your chances of better rate options. Aim for a debt-to-income ratio below 36%.
Consider Discount Points
Mortgage points allow you to "buy down" your interest rate by paying additional fees upfront. A mortgage point typically equals 1% of your total loan amount and can reduce your rate by about 0.25%.
Market Factors Affecting Today's Mortgage Rates
Federal Reserve Policy
Traders currently see a 91% chance of the Fed cutting rates by 25 basis points, which has contributed to recent rate decreases. However, Fed regulators have indicated we should expect only two cuts in 2025 due to inflationary concerns.
Economic Indicators
The monthly jobs report is more capable of causing big reactions in rates than any other economic data, with weak job numbers typically leading to lower mortgage rates.
Treasury Bond Market
The main driver of mortgage rates is not the Federal Reserve but 10-year Treasury yields, which influence the spread between government bonds and mortgage rates.
Actionable Tips for Rate Shopping Success
Timing Your Application
Lock in your rate when you find a favorable offer. Some lenders like Pennymac allow you to lock in a rate before you're under contract, earlier than most lenders.
Negotiate Fees and Terms
Don't just focus on the interest rate. Negotiate origination fees, closing costs, and other charges that affect your total borrowing cost.
Consider Different Loan Types
Explore conventional loans, FHA loans for lower down payments, VA loans for military borrowers, and USDA loans for rural properties.
Use Technology to Your Advantage
Some lenders like Rate offer fully underwritten mortgage approval in as little as one business day for qualified borrowers.
When to Expect Rate Changes
Short-Term Outlook
Market watchers expect mortgage rates to remain elevated compared to pre-pandemic levels but potentially drift downward over the rest of 2025. However, don't expect dramatic movements in either direction in the near term.
Long-Term Projections
Using Treasury forecasts and historical spreads, experts project 30-year mortgage rates could range from 6.6% to 6.9% through 2029. There is no forecast that predicts a 3% mortgage rate in the next five years.
Refinancing Considerations
Current Refinance Rates
Today's average 30-year refinance rates are running about 0.15-0.20 percentage points higher than purchase rates, averaging around 6.67% to 6.74%.
When Refinancing Makes Sense
Refinancing doesn't make sense for most homeowners sitting on the low rates they locked in before 2022. However, if you have a rate above 7% or need to tap home equity, refinancing could be beneficial.
Refinance Activity Trends
Refinance applications have increased significantly, with the share of refinance applications reaching nearly 47%, the highest since October.
Conclusion: Making the Most of Today's Mortgage Rates
While today's mortgage rates remain elevated compared to the historic lows of recent years, opportunities exist for prepared borrowers. Historically, rates around 7% are not unusually high, and from the 1970s through the 1990s, such rates were more or less the norm.
The key to success in today's market is preparation, comparison shopping, and working with reputable lenders who can guide you through the process. By improving your credit score, saving for a larger down payment, and comparing offers from multiple lenders, you can secure the best possible rate for your situation.
Remember that mortgage rates change daily and can vary significantly between lenders. Start your search early, get pre-approved, and be ready to move quickly when you find the right combination of rate, terms, and lender service.