The current average mortgage rate on a 30-year fixed mortgage is 6.87%, compared to 6.84% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.

See current 30-year refinance rates and how they've been trending. Find the lowest rates to save on your mortgage, lower your payments, or access home equity.

Mortgage interest rates slipped lower over the past week, settling at the lowest level of 2025, but remaining elevated enough to stifle normal levels of buying and selling in the housing market.

For his part, Lewis says mortgage rates are poised to drop in February, after climbing above 7% in January. “The direction of consumer prices will have the strongest effect on mortgage rates in February. The core inflation rate should decline further, giving bond yields and mortgage rates room to fall, but not by a lot,” says Lewis.

Mortgage rates fluctuate daily, so a little volatility can always be expected. On Monday, the average rate on a 30-year fixed mortgage was around 6.96%, according to Bankrate data, which is 0.15% lower than January's peak of 7.11%. But February could see more turbulence than usual.

Rates on 15-year new purchase loans fell even more significantly last week, plunging 16 basis points to average 5.98% Friday. Like 30-year loans, 15-year rates sank to a two-year low in September, dropping as far as 4.97% (though the lowest Friday weekly average was 5.07%).

The mortgage rate drop provides little relief for prospective shoppers looking ahead to the spring homebuying season.

Refi rates have ticked down, lowering the 30-year rate average after two days of inching up. Rates for several other refi loan types also dropped Monday.