Mortgage and refinance interest rates today, August 8, 2025: It could be a good time to lock in a rate
While mortgage rates have declined this week, rates are not set to drop below the 6% range this year. If you are looking to buy a house in 2025, this could be a good time to lock in a mortgage while rates are low. Just make sure to choose a mortgage lender with a rate buydown option. With an interest rate buydown program, you can re-lock your interest rate before buying a house if market rates decrease.
Learn more: When will mortgage rates go down? Rates are still higher than this time last year.
Current mortgage rates
Here are the current mortgage rates, according to the latest Zillow data:
30-year fixed: 6.63%
20-year fixed: 6.03%
15-year fixed: 5.75%
5/1 ARM: 6.90%
7/1 ARM: 6.86%
30-year VA: 6.03%
15-year VA: 5.47%
5/1 VA: 6.03%
Remember, these are the national averages and rounded to the nearest hundredth.
Current mortgage refinance rates
These are today's mortgage refinance rates, according to the latest Zillow data:
30-year fixed: 6.45%
20-year fixed: 6.10%
15-year fixed: 5.71%
5/1 ARM: 7.23%
7/1 ARM: 7.21%
30-year VA: 6.06%
15-year VA: 6.01%
5/1 VA: 6.00%
Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case.
Learn more: Want to refinance your mortgage? Here are 7 home refinance options.
Refinance interest rates
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Free mortgage calculator
Your mortgage rate plays a large role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate, and term length will impact your monthly payments:
To get an even more detailed look at your potential monthly payment, use our Yahoo Finance mortgage calculator. It also factors in your homeowners insurance, property taxes, mortgage insurance, and HOA fees.
How mortgage interest rates work
A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. You can choose from two types of rates: fixed or adjustable.
A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will stay at 6% for the entire 30 years unless you refinance or sell.
An adjustable-rate mortgage locks in your rate for a predetermined amount of time and then changes it periodically. Let's say you get a 7/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first seven years, then the rate would increase or decrease once per year for the last 23 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and housing market.
At the beginning of your mortgage term, most of your monthly payment goes toward interest. Your monthly payment toward mortgage principal and interest stays the same throughout the years — however, less and less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed.
Learn more: Adjustable-rate vs. fixed-rate mortgages
Which mortgage term length should you get?
A 30-year fixed-rate mortgage is a good choice if you want a lower mortgage payment and the predictability that comes with having a fixed rate. Just know that your rate will be higher than if you choose a shorter term, and you will pay significantly more in interest over the years.
You might like a 15-year fixed-rate mortgage if you want to pay off your home loan quickly and save money on interest. These shorter terms come with lower interest rates, and since you're cutting your repayment time in half, you'll save a lot in interest in the long run. But you'll need to be sure you can comfortably afford the higher monthly payments that come with 15-year terms.
Read more: How to decide between a 15-year and 30-year fixed-rate mortgage
Typically, an adjustable-rate mortgage could be good if you plan to sell before the introductory rate period ends. Adjustable rates usually start lower than fixed rates, then your rate will change after a predetermined amount of time. However, 5/1 and 7/1 ARM rates have similar to (or even higher than) 30-year fixed rates recently. Before getting an ARM just for a lower rate, compare your rate options from term to term and lender to lender.
Are mortgage rates decreasing?
Yes and no. Mortgage rates have decreased over the last couple of weeks more than they have all summer, but rates are still firmly planted between 6% and 7% and are set to stay that way. The 30-year and 15-year fixed rates are also higher than this time last year.
Mortgage interest rates will probably stay relatively high for the rest of the year. The latest Fannie Mae and Mortgage Bankers Association (MBA) forecasts predict that mortgage rates will stay at or above 6% even through 2026.
Mortgage interest rates today: FAQs
What are mortgage interest rates doing today?
According to Freddie Mac, the national average 30-year mortgage rate is down nine basis points to 6.63%, and the average 15-year mortgage rate has decreased by 10 basis points to 5.75%.
How low will mortgage rates go in 2025?
According to its July forecast, the MBA expects the 30-year mortgage rate to be 6.8% in Q3 2025 and 6.7% by the end of the year. Fannie Mae puts the 30-year rate at 6.5% in Q3 and 6.4% in Q4.
How high could mortgage rates go by 2025?
Mortgage rates will probably decrease in 2025 rather than increase. However, those declines are expected to be minor.
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