Rates remain elevated | Today's mortgage and refinance rates for February 25, 2025

Mortgage rates were mixed compared to last week, according to Bankrate data. See below for a breakdown of how different loan types moved.

Several factors move mortgage rates, some more impactful than others. The Federal Reserve has shifted from cutting rates to holding off for now as inflation stays elevated. The latest inflation report from the Labor Department showed an unexpectedly higher reading.

Meanwhile, the median existing-home sale price in January was $396,900, a record for the month, according to the National Association of Realtors (NAR). At the same time, home construction sharply slowed last month, and could continue to stall as long as higher inflation, mortgage rates and now tariffs stick around.

"The housing economy is currently in a holding pattern as the impact of the tariffs and persistent inflation is coming into play,” says Dr. Selma Hepp, chief economist for CoreLogic. “Even as home builders continue to offer buyer incentives, high mortgage rates keep the eligible pool of homebuyers restricted to higher-income individuals. Existing-home sales will continue to struggle with fewer homes coming to market due to tepid buying activity.”

Still, real estate is one of the most popular long-term investments, according to Bankrate’s 2025 Long-Term Investment Survey. Close to one-quarter (24 percent) of Americans cited real estate as a top long-term investment, second only to the stock market.

Rates accurate as of February 25, 2025.

The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates displayed across the site may vary. All rate data is accurate as of Tuesday, February 25th, 2025 at 6:30 a.m. ET.

Today's average 30-year fixed-mortgage rate is 6.93 percent, a decrease of 4 basis points since the same time last week. Last month on the 25th, the average rate on a 30-year fixed mortgage was higher, at 7.01 percent.

At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That represents a decline of $2.68 over what it would have been last week.

Use Bankrate’s mortgage rate calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of the loan.

The average rate you'll pay for a 15-year fixed mortgage is 6.27 percent, unchanged from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $859 per $100,000 borrowed.

The average rate on a 5/1 ARM is 6.23 percent, down 3 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.23 percent would cost about $614 for each $100,000 borrowed over the initial five years.

The average rate for a 30-year jumbo mortgage is 7.06 percent, unchanged from a week ago. A month ago, the average rate was lesser at 7.03 percent.

At today's average rate, you'll pay principal and interest of $669.34 for every $100,000 you borrow.

The average 30-year fixed-refinance rate is 6.94 percent, up 1 basis point over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.02 percent.

At the current average rate, you'll pay $661.28 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $0.67 higher.

Mortgage rates have started off 2025 slightly higher compared to 2024 and 2023. The average 30-year fixed rate was 7 percent as of Feb. 19, according to Bankrate’s survey of lenders. This represents a dip from a 7.09 percent average in January, and down from an average 7.13 percent this time last year.

"Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve," says NAR Chief Economist Lawrence Yun. "When combined with elevated home prices, housing affordability remains a major challenge."

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. The 10-year yield has remained elevated so far in 2025.

“Prospective homebuyers should keep an eye on inflation, more so than the Fed, as a decline in inflation is a necessary precursor to Treasury yields and mortgage rates moving lower,” McBride says.

It depends. There are many reasons to refinance a mortgage, chief among them obtaining a lower rate.

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 get a lower rate by refinancing.

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."

• Expert poll: Mortgage rate trend predictions for this week
• The latest mortgage news for this week
• Compare 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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