30-year mortgage rates fall following Fed rate cut | Today's mortgage and refinance rates, October 31, 2025
National mortgage rates were mostly lower compared to last week, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and 5/1 ARM decreased, while jumbo loan rates increased.
On Oct. 29, the Federal Reserve Board voted to lower their benchmark rate by a quarter of a percentage point. Markets anticipated this move, which resulted in lower mortgage rates leading up to the announcement.
"Lower mortgage rates are a good thing for potential homeowners, and the Fed is continuing its slow and steady approach to reducing the cost of mortgage lending while keeping an eye on inflationary pressures," said Selma Hepp, chief economist for Cotality, in a statement. “In fact, our data shows that pending home sales are rising year over year. This is a trend that will continue, especially when it is widely expected that the Fed will reduce rates one more time this year.”
Not only are buyers capitalizing on lower rates, but more homeowners are refinancing.
"This recent decline in rates spurred the second consecutive week of increased refinance activity, driven mainly by conventional refinance applications,” said Joel Kan, the Mortgage Banker's Association's vice president and deputy chief economist, in a statement. According to Kan, borrowers with large loan balances have been more likely to take advantage of recent rate movements.
In recent comments, Fed Chair Jerome Powell also projected that the Fed will end its cycle of quantitative tightening in the coming months.
The Fed's final 2025 meeting occurs on Dec. 9 and 10. At this meeting, the Fed will also release a new summary of economic projections.
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.17% | 6.19% | -0.02% |
| 15-year fixed | 5.49% | 5.50% | -0.01% |
| 5/1 ARM | 5.50% | 5.53% | -0.03% |
| 30-year fixed jumbo | 6.37% | 6.36% | +0.01% |
Rates accurate as of 10/31/2025.
These rates the assumptions shown here. Actual rates available within the site may vary. All rate data is accurate as of October 31, 2025 at 06:32 AM ET.Mortgage purchase rates
30-year mortgage rate moves downward
0.02%
Today's average 30-year fixed-mortgage rate is 6.17 percent, an increase of 0.02 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.37 percent.
15-year mortgage rate trends downward
0.01%
The average 15-year fixed-mortgage rate is 5.49 percent, down 0.01 basis points over the last week.
5/1 ARM retreats
0.03%
The average rate on a 5/1 ARM is 5.50 percent, down 0.03 basis points over the last week.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
Jumbo mortgage moves higher
0.01%
The average jumbo mortgage rate is 6.37 percent, up 0.01 basis points from a week ago. Last month on the, the average rate on a jumbo mortgage was lower, at 6.48 percent.
Your financial journey starts here
Welcome to smarter financial decisions.
You're all set to receive the latest financial insights, reviews, and information from Bankrate. Let's make smarter money moves together.
Mortgage refinance rates
30-year mortgage refinance trends down
0.09%
The average 30-year fixed-refinance rate is 6.56 percent, down 0.09 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed refinance was lower, at 6.65 percent.
How quickly are mortgage rates changing?
Bankrate’s Mortgage Rate Variability Index was a 7 out of 10 for the week of Oct. 27, indicating an above average deviation in the mortgage offers on Bankrate.
How do today's mortgage rates compare to historical rates?
Today's mortgage rates are much lower than 7.2 percent, the average of the past 40 years, according to Bankrate data. So far in 2025, the 30-year mortgage rate has averaged 6.75 percent.
Learn more: Mortgage rate history: 1970s to today
When should you lock your mortgage rate?
Given how unpredictable the economy and the mortgage market are, locking in your mortgage rate provides some degree of certainty. Many homebuyers choose to lock their rates after having an offer accepted on a home, 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
The mortgage rates in this story are derived from our national rate and APR averages. Bankrate's mortgage rates include these national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- "Top offers": Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate. Learn more about Bankrate's how we collect, display and report mortgage rates.
