Majority of rates fall as home sales pick up - Today's mortgage and refinance rates, March 21, 2025

Mortgage interest rates were mostly lower compared to a week ago, according to Bankrate data. Rates for 15-year fixed, 5/1 ARMs and jumbo mortgages moved lower, while rates for 30-year home loans stayed the same.

Changes in mortgage rates are caused by several things, some more influential than others. The Federal Reserve paused its rate-cutting cycle as inflation stays elevated — though the latest inflation report from the Labor Department showed an unexpectedly cooler reading, up just 0.2 percent in February compared to January.

Also in the picture: employment. The latest jobs report for February revealed the labor market softened somewhat, with unemployment rising to 4.1 percent.

Those factors didn’t translate into a rate cut at the Fed meeting this week, however.

“We aren't in a hurry to adjust our policy stance and are well-positioned to wait for greater clarity,” said Fed Chair Jerome Powell in a press conference following the meeting.

According to Powell, the job market is in a low-firing and low-hiring place. Policymakers are focused on "separating the signal from the noise,” Powell said, and they’ll likely hold rates steady until they see a significant change in employment or inflation.

Learn more: FOMC meeting recap March 2025

Rates accurate as of March 21, 2025.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions here. Actual rates displayed within the site may vary. All rate data is accurate as of Friday, March 21st, 2025 at 6:30 a.m. ET.

The average rate you'll pay for a 30-year fixed mortgage today is 6.68 percent, unchanged since the same time last week. Last month on the 21st, the average rate on a 30-year fixed mortgage was higher, at 6.94 percent.

At the current average rate, you'll pay a combined $643.95 per month in principal and interest for every $100,000 you borrow.

The average rate for a 15-year fixed mortgage is 5.91 percent, down 3 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $839 per $100,000 borrowed.

The average rate on a 5/1 ARM is 5.95 percent, falling 13 basis points over the last week.

Monthly payments on a 5/1 ARM at 5.95 percent would cost about $596 for each $100,000 borrowed over the initial five years.

The current average rate you'll pay for jumbo mortgages is 6.75 percent, down 2 basis points since the same time last week. This time a month ago, the average rate was greater than 6.75 at 7.01 percent.

At today's average rate, you'll pay $648.60 per month in principal and interest for every $100,000 you borrow. That's down $1.33 from what it would have been last week.

The average 30-year fixed-refinance rate is 6.61 percent, down 7 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.95 percent.

At the current average rate, you'll pay $639.32 per month in principal and interest for every $100,000 you borrow. That represents a decline of $4.63 over what it would have been last week.

Mortgage rates in 2025 have been slightly higher compared to 2024 and 2023. The average 30-year fixed rate was 6.76 percent as of March 19, according to Bankrate’s survey of lenders — a dip from a 6.97 percent average in February and down from an average 7.07 percent this time last year.

“In the near term, we expect mortgage rates to remain in a fairly narrow range, between 6.5 and 7 percent, which should support the spring housing market,” says Mike Fratantoni, senior vice president and chief economist for the Mortgage Bankers Association (MBA).

Keep in mind the Fed doesn’t delegate fixed mortgage rates. Those tend to track the 10-year Treasury yield, which moves up or down depending on investors’ tolerance for risk — a sentiment that shifts with inflation and other economic reports. While the 10-year Treasury yield has been elevated for much of 2025 so far, it’s been about 25 basis points lower in March than it was for most of February.

The answer depends on your current interest rate, how prevailing rates move this year and your individual goals.

Eighty-four percent of collective mortgage debt is priced at 6 percent or below, according to Realtor.com. If current forecasts bear out and rates stay within the 6 percent range, most mortgage holders won’t be able to refinance to a lower rate.

Still, if you’re set on refinancing to pull cash out of your equity, keep your goals in mind.

“If your intention is to take cash out of your home to pay down credit card debt, I'd urge caution: Make sure you've got your spending under control before you tap home equity,” says Jeff Ostrowski, principal writer at Bankrate. “The last thing you want is to use the proceeds of a refi to pay off debt, only to find yourself in the same situation in a year."

Given how unpredictable the economy and mortgage market is, locking in your mortgage rate provides some degree of certainty. Many homebuyers choose to lock their rates after their offer on a home has been accepted, but you can lock sooner than that if you think rates will rise before you find a home. Before you lock your mortgage rate, ask your lender:

• How much does it cost to lock a rate? Many lenders offer free rate locks, but only for a certain time frame. Ask about any rate lock fees or lock extension fees.
• How long does the rate lock last? The typical initial rate lock lasts 30 to 60 days, though some lenders do 90-day initial locks. Beyond that, you’ll need to ask for an extension.
• If rates drop, will I be able to take a lower rate? Some lenders allow you to take a lower rate after you lock in, known as a float-down lock. If your lender offers this, be sure you understand the details, including if there’s an additional fee or rate change threshold.

• Expert poll: Mortgage rate trend predictions for this week
• Latest mortgage news for this week
• Compare current mortgage rates for today

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

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