Majority of rates increase as Fed meets this week | Current mortgage and refinance rates for March 19, 2025

Mortgage interest rates were mostly up versus last week, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and jumbo mortgages increased, while 5/1 ARM rates remained flat.

Mortgage rates are impacted by multiple factors, some carrying more weight than others. The Federal Reserve shifted from cutting rates to holding off for now as inflation stays elevated. 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.

That isn't likely to translate to a rate cut at the Fed meeting this week, 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.”

Learn more: Mortgage rates are dropping — can a Fed rate cut be far behind?

Rates accurate as of March 19, 2025.

These rates are Bankrate's overnight average rates and are based on the assumptions here. Actual rates available on-site may vary. All rate data is accurate as of Wednesday, March 19th, 2025 at 6:30 a.m. ET.

Today's average 30-year fixed-mortgage rate is 6.72 percent, up 4 basis points from a week ago. Last month on the 19th, the average rate on a 30-year fixed mortgage was higher, at 6.92 percent.

At the current average rate, you'll pay a combined $646.61 per month in principal and interest for every $100,000 you borrow. That's $2.66 higher compared with last week.

While the 30-year rate is the most popular mortgage term, as with any financial product, the 30-year mortgage does have some negatives, including:

• More total interest paid. Stretching out repayment to a 30-year term means you pay more overall in interest than you would with a shorter-term loan.
• Higher mortgage rates. Lenders charge higher interest rates for 30-year mortgages compared to 15-year loans. That's because they're taking on the risk of not being repaid for a longer time span.
• Slower equity growth. The amortization table for a 30-year mortgage reveals a harsh reality: In the early years, almost all of your payments go to interest rather than principal. A 15-year loan brings a higher monthly payment but much faster retirement of the loan amount.
• Buying a more expensive house than you should. Just because you might be able to afford more house with a 30-year loan doesn’t mean you should stretch your budget to the breaking point. Give yourself some breathing room for other financial goals and unexpected expenses. Use Bankrate’s home affordability calculator to determine how much house you can afford.

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

The average 15-year fixed-mortgage rate is 5.99 percent, up 2 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $843 per $100,000 borrowed.

The average rate on a 5/1 ARM is 5.94 percent, unchanged over the last week.

Monthly payments on a 5/1 ARM at 5.94 percent would cost about $596 for each $100,000 borrowed over the initial five years.

The average rate you'll pay for a jumbo mortgage is 6.79 percent, an increase of 10 basis points over the last seven days. Last month on the 19th, the average rate was above that at 6.90 percent.

At today's average rate, you'll pay a combined $651.26 per month in principal and interest for every $100,000 you borrow. That's up $6.65 from what it would have been last week.

The average 30-year fixed-refinance rate is 6.70 percent, up 2 basis points since the same time last week. 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 $645.28 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $1.33 higher.

Mortgage rates have started off 2025 slightly higher compared to 2024 and 2023. The average 30-year fixed rate was 6.77 percent as of March 12, 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 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.

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."

With the flurry of happenings since President Trump took office again, is 2025 the year to buy a home? Ultimately it depends on your financial situation, but there have been some positive signs for buyers. Consider:

• There are more homes for sale. There are around 17 percent more homes on the market now compared to last year, according to NAR. That means you could have more choices when shopping for a home.
• While mortgage rates could remain elevated, they’ve also been relatively stable. Many experts predict that 30-year rates will hold steady this year, averaging between 6 and 7 percent. While this is a higher range than in recent years, it’s still in line with historical norms.
• If not now, when? If you’re financially ready and can afford a home, buying now would allow you to build equity sooner, and potentially avoid facing even more expensive options down the line if home prices keep rising.

• Mortgage rate trend predictions for this week
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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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