MortgageCast

The average 30-year fixed-rate mortgage hovers near 6%, with slight variations across major data sources reflecting different measurement methodologies. According to Optimal Blue, the rate stands at 6.098%, while Zillow reports 5.99% and NerdWallet shows 5.96%. These minor discrepancies—typically just a few basis points apart—reflect different sampling times and borrower profiles. For 15-year conventional mortgages, rates average 5.363%, providing a lower-cost option for borrowers seeking to pay off their homes faster. Government-backed loans offer more competitive rates: FHA loans average 5.963% for 30-year terms, while VA loans are the most affordable at 5.700%, and USDA loans come in at 5.964%. These programs remain attractive alternatives for eligible borrowers.

Jumbo mortgages—loans exceeding conforming limits—carry higher rates at 6.231% for 30-year terms, reflecting the increased risk lenders assume with larger loan amounts. Adjustable-rate mortgages (ARMs) present another option, with 7/6 ARM rates ranging from 5.375% to 5.750% depending on the lender, though these start lower before adjusting after seven years. For those considering refinancing, the landscape looks less favorable: the average 30-year refinance rate sits at 6.24%, higher than purchase rates, making existing mortgages particularly valuable for homeowners who locked in rates below 6%.

The current mortgage environment reflects relative stability after months of elevated rates, though conditions remain well above pandemic-era lows of 2-3%. Mortgage rates have remained stubbornly high despite Federal Reserve rate cuts in late 2024, influenced by broader economic factors and policy uncertainty. Experts suggest that rates in the 2-3% range are unlikely to return in the foreseeable future. For prospective homebuyers, comparing offers from multiple lenders—including large banks, credit unions, and online lenders—remains essential to securing the best available rates.