Mortgage Rates Today, May 21, 2025: 30-Year Rates Drop to 6.92%
Mortgage rates are down today and still under 7%. Today's national average on a 30-year fixed-rate mortgage is 6.92%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.13%.
Mortgage rates continue inching higher this week, although refinance rates are slightly down. The latest Federal Reserve decision to maintain the current benchmark has many markets, including the housing market, in wait-and-see mode. Additionally, inflation has cooled slightly, rising only 0.2% in April. Overall, inflation is at 2.3% year-over-year, which is close to the Federal Reserve's target of 2%.
Mortgage rates aren't directly impacted by the Fed, but commentary from policymakers can impact how people feel about the economy and whether they feel comfortable buying a home.
The 10-year Treasury note is the basis for 30-year mortgage rates, and it has been fluctuating somewhat. Even though the latest auction put the 10-year note at 4.25%, the bond market is on the move again, accounting to some degree for the slight uptick in 30-year mortgage rates this week.
Top mortgage rates today
Current mortgage rates are down today, higher than they were seven days ago but lower than in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn't directly impact today's mortgage rates, they have been easing since the Fed began cutting rates in late 2024, and policymakers have been holding rates steady in 2025.
Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate.
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