Home Loan Rates Inch Higher for Borrowers: Mortgage Interest Rates Today for July 21, 2025
The average for a 30-year fixed mortgage is 6.81% today, up 0.05% from seven days ago. The average rate for a 15-year fixed mortgage is 6.03%, which is an increase of 0.06% from the same time last week. To secure a lower mortgage interest rate, consider increasing your down payment, improving your credit score or purchasing mortgage points.
What's behind high rates these days? Concerns about persistent inflation, threats of a global trade war and policy turbulence have created an uncertain economic outlook. In response, the Federal Reserve has adopted a wait-and-see approach and holding borrowing rates steady since the start of the year.
Most economists predict the Fed will start lowering rates in September, particularly if President Trump eases some of his aggressive tariff measures or if the labor market continues to deteriorate.
Prospective homebuyers shouldn't expect mortgage rates to become affordable overnight. While cheaper borrowing costs gradually trickle down to the housing market, the Fed doesn't directly set lenders' mortgage rates.
In today's unaffordable housing market, mortgage rates are just one piece of the puzzle. High home prices and skyrocketing homeownership expenses, like insurance and property taxes, are further compounding the pressure on prospective buyers. The possibility of a job-loss recession is also pushing many households to tighten their budgets and take on less financial risk.
When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders.
About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates.
What's going on with mortgage rates right now?
The average 30-year fixed rate has hovered just below 7% for the last several months, resulting in cost-prohibitive monthly payments.
Mortgage rates are closely tied to the bond market, specifically the 10-year Treasury yield, which reflects investors' expectations for inflation, labor data, changes to monetary policy and global measures like tariffs.
"Rates could fall if inflation keeps cooling and the labor market softens," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates."
Even as the Fed eventually starts to lower interest rates, experts caution that significant market volatility is likely. As a result, homebuyers are adopting a more patient and strategic approach to financing, comparing various loan types and planning ahead.
"Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Smith.
For a look at mortgage rate movement in recent years, see the chart below.
Experts predict: Will mortgage rates rise or fall?
While the housing market was expected to rebound in 2025, it has remained stagnant due to ongoing economic and political uncertainties. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities.
Mortgage rates would have to drop significantly, close to 6% or below, to drum up significant homebuying demand. According to Smith, though, the more likely scenario is a slow and steady decline in borrowing costs. A return to the record-low rates, around 2-3%, we saw during the pandemic would only happen if the economy tipped into a severe recession.
Fannie Mae's forecast puts rates around 6.5% by the end of 2025 and 6.1% by the end of 2026.
Ongoing uncertainty could cause rates to stay high, or increase further. For instance, if tariffs cause inflation to reignite, which most experts and Fed officials expect, it could result in higher bond yields and fewer interest rate cuts by the central bank. Both would be bad for mortgage rates.
Which mortgage term and type should I pick?
Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront.
30-year fixed-rate mortgages
The 30-year fixed-mortgage rate average is 6.81% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment.
15-year fixed-rate mortgages
Today, the average rate for a 15-year, fixed mortgage is 6.03%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner.
5/1 adjustable-rate mortgages
A 5/1 adjustable-rate mortgage has an average rate of 6.02% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option.
Calculate your monthly mortgage payment
Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments.
How can I get the lowest mortgage rates?
Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right.
Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
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