Most rates increase: Should you hold off on buying? | Mortgage and refinance rates for today, March 31, 2025
Average mortgage rates were mostly up compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and ARMs moved higher, while rates for jumbo mortgages stayed flat.
Mortgage rates move for many reasons, and can be buffeted quickly as conditions in the economy shift. Amid growing uncertainty around tariffs and inflation, the Federal Reserve declined to change interest rates at its mid-March meeting. The Fed doesn’t set fixed mortgage rates outright, but its policies help drive their direction.
Meanwhile, spring homebuying season is picking up. Home sales activity increased in February as more listings came on market.
“Homebuyers are slowly entering the market,” says Lawrence Yun, chief economist of the National Association of Realtors. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.75% | 6.68% | +0.07% |
| 15-year fixed | 6.02% | 5.91% | +0.11% |
| 5/1 ARM | 6.05% | 5.95% | +0.10% |
| 30-year fixed jumbo | 6.75% | 6.75% | FLAT |
Rates as of March 31, 2025.
The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates listed across the site may vary. All rate data is accurate as of Monday, March 31st, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year mortgage rate moves up
0.07%
Today's average 30-year fixed-mortgage rate is 6.75 percent, up 7 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.75 percent.
At the current average rate, you'll pay a combined $648.60 per month in principal and interest for every $100,000 you borrow. That's $4.65 higher compared with last week.
Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll pay over the life of the loan.
15-year mortgage rate trends upward
0.11%
The average rate you'll pay for a 15-year fixed mortgage is 6.02 percent, up 11 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost $845 per $100,000 borrowed.
5/1 adjustable rate mortgage rises
0.10%
The average rate on a 5/1 ARM is 6.05 percent, up 10 basis points over the last 7 days.
Monthly payments on a 5/1 ARM at 6.05 percent would cost about $603 for each $100,000 borrowed over the initial five years.
Jumbo mortgage interest rate stays put
FLAT
The average jumbo mortgage rate is 6.75 percent, unaltered over the last week. This time a month ago, the average rate for jumbo mortgages was above that at 6.89 percent.
At today's average rate, you'll pay $648.60 per month in principal and interest for every $100,000 you borrow.
Mortgage refinance rates
Today's 30-year mortgage refinance rate moves up
0.21%
The average 30-year fixed-refinance rate is 6.82 percent, up 21 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.72 percent.
At the current average rate, you'll pay $653.26 per month in principal and interest for every $100,000 you borrow. That's an additional $13.94 per $100,000 compared with last week.
How do today’s mortgage rates compare to historical rates?
Today’s mortgage rates aren’t far off from 7.2 percent, more or less the average of the past 40 years, according to Bankrate data. In fact, 30-year fixed rates ran mostly lower than that average in 2024, and appear to stay on a similar path for now.
See how mortgage rates and mortgage payments have changed since the 1970s.
Could mortgage rates go down this year?
Mortgage rates might decline in 2025, but it’s more likely they’ll stay where they are. In a March 21 forecast, Yun of the Realtors group said he anticipates rates to average 6.4 percent in 2025 and 6.1 percent in 2026. Similarly, the Mortgage Bankers Association in its March forecast expected a 6.5 percent average rate in 2025 and 6.4 percent in 2026.
While it’s challenging to predict mortgage rates in any circumstances, it’s become especially difficult now. Most analysts and economists — even Fed policymakers — are taking a wait-and-see approach as the new administration’s objectives come into focus.
Check out Bankrate’s survey of lenders to learn more.
When will it make sense to refinance?
Whether you refinance your mortgage hinges on a few things: your rate today, how rates might move in the future and your long-term plans. Some homeowners are gravitating to cash-out refinances, which replaces your current mortgage for a new, larger loan at prevailing market rates, with the difference given to you in cash.
If you’re considering this route, make sure you’re clear on your goals.
“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, writer and housing market analyst for 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."
More on current mortgage rates
Methodology
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.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
