Rates decline: Will it continue? - Current mortgage and refinance rates, March 11, 2025

Average mortgage rates came down across the board from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all moved lower.

Changes in mortgage rates are caused by several things, some more influential than others. The Federal Reserve has put the brakes on cutting rates as inflation stays elevated. The latest inflation report from the Labor Department showed an unexpectedly higher reading.

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

That isn't likely to translate to Fed cuts anytime soon, however.

“These data came in quite close to market expectations and hence should not result in much change concerning Fed policy,” says Mike Fratantoni, chief economist and senior vice president for the Mortgage Bankers Association (MBA). “MBA anticipates that the Fed will keep their target rate steady through the next quarter but will likely cut one more time this year as inflation moves slowly to target and the job market softens.”

For now, though, the jobs report could push mortgage rates further down, in time for spring homebuyers.

“If mortgage rates decrease further due to weakening in the job market, home sales will likely rise,” says Lawrence Yun, chief economist for the National Association of Realtors. “The influence of lower rates generally outweighs job losses. Ideally, adding jobs and decreasing mortgage rates would be preferable, but that scenario is more complex.”

Rates as of March 11, 2025.

The rates listed above are marketplace averages based on the assumptions here. Actual rates listed on-site may vary. All rate data is accurate as of Tuesday, March 11th, 2025 at 6:30 a.m. ET.

Today's average 30-year fixed-mortgage rate is 6.72 percent, down 3 basis points from a week ago. Last month on the 11th, the average rate on a 30-year fixed mortgage was higher, at 6.91 percent.

At the current average rate, you'll pay $646.61 per month in principal and interest for every $100,000 you borrow. That represents a decline of $1.99 over what it would have been last week.

There are several advantages to choosing a fixed-rate mortgage , including predictable mortgage payments.

Read more: What is a fixed-rate mortgage and how does it work?

The average 15-year fixed-mortgage rate is 6.00 percent, down 4 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $844 per $100,000 borrowed.

The average rate on a 5/1 ARM is 6.14 percent, down 1 basis point over the last 7 days.

Monthly payments on a 5/1 ARM at 6.14 percent would cost about $609 for each $100,000 borrowed over the initial five years.

The average rate for a 30-year jumbo mortgage is 6.78 percent, down 11 basis points from a week ago. Last month on the 11th, the average rate was greater than 6.78 at 6.95 percent.

At today's average jumbo rate, you'll pay a combined $650.59 per month in principal and interest for every $100,000 you borrow. That's lower by $7.34 than it would have been last week.

The average 30-year fixed-refinance rate is 6.69 percent, down 3 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.91 percent.

At the current average rate, you'll pay $644.61 per month in principal and interest for every $100,000 you borrow. That's $2.00 lower, compared with last week.

Mortgage rates have started off 2025 slightly higher compared to 2024 and 2023. The average 30-year fixed rate was 6.72 percent as of March 5, according to Bankrate’s survey of lenders. This represents a dip from a 6.97 percent average in February, and down from an average 7.09 percent this time last year.

At the next Fed meeting, policymakers will release updated economic projections, which could offer clues as to when rate changes might happen.

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.

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.

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 achieve a lower rate with 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."

If you're shopping for a mortgage now, here a few tips to help you get the best possible rate:

• Improve your credit score. While you can get a mortgage with a lower score, the best rates go to borrowers with a 780 or higher. Here are some ways to help increase your score before you apply for a mortgage.
• Raise your down payment. If you're buying a home and able to afford it, consider making a higher down payment. You'll borrow less and get a lower rate.
• Shop around. Compare mortgage offers from at least three different lenders.
• Lock your rate. If you were preapproved for an attractive rate but think rates might rise before you find a home, it might make sense to lock in your offer or inquire about a float-down option. With the latter, you'll lock in your lower rate now, but can get an even lower rate if prevailing rates fall.

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

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.