Majority of rates decrease as home sales pick up | Today's mortgage and refinance rates for March 25, 2025
Mortgage rates were mostly down compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and jumbo loans receded, while rates for ARM loans increased.
Changes in mortgage rates are caused by several things, some more influential than others. The Federal Reserve shifted from cutting rates to holding off 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 stay on the sidelines until there's larger movement in inflation or jobs.
Learn more: FOMC meeting recap March 2025
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.58% | 6.74% | -0.16% |
| 15-year fixed | 5.77% | 6.00% | -0.23% |
| 5/1 ARM | 6.55% | 6.13% | +0.42% |
| 30-year fixed jumbo | 6.80% | 6.92% | -0.12% |
Rates as of March 25, 2025.
These rates are averages based on the assumptions indicated here. Actual rates listed within the site may vary. All rate data is accurate as of Tuesday, March 25th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year mortgage rate slides
0.16%
The average rate for a 30-year fixed mortgage for today is 6.58 percent, down 16 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 6.88 percent.
At the current average rate, you'll pay principal and interest of $637.34 for every $100,000 you borrow. That represents a decline of $10.59 over what it would have been last week.
Use our mortgage 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 pay over the life of the loan.
15-year mortgage rate declines
0.23%
The average rate you'll pay for a 15-year fixed mortgage is 5.77 percent, down 23 basis points since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $831 per $100,000 borrowed.
5/1 ARM increases
0.42%
The average rate on a 5/1 adjustable rate mortgage is 6.55 percent, up 42 basis points over the last 7 days.
Monthly payments on a 5/1 ARM at 6.55 percent would cost about $635 for each $100,000 borrowed over the initial five years.
Jumbo mortgage rate moves lower
0.12%
The average rate for a jumbo mortgage is 6.80 percent, down 12 basis points over the last week. A month ago, the average rate on a jumbo mortgage was higher at 6.95 percent.
At today's average rate, you'll pay $651.93 per month in principal and interest for every $100,000 you borrow. That's $8.01 lower, compared with last week.
Mortgage refinance rates
30-year fixed-rate refinance drops
0.43%
The average 30-year fixed-refinance rate is 6.26 percent, down 43 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 $616.37 per month in principal and interest for every $100,000 you borrow. That's down $28.24 from what it would have been last week.
Will mortgage rates go down in 2025?
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.
Should you refinance your mortgage this year?
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 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."
When should you lock your mortgage rate?
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.
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.
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