30-year mortgage rates fall - When will they fall? | Today's mortgage and refinance rates, December 29, 2025

Mortgage rates were mostly lower compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and 5/1 ARM declined, while 5/1 ARM jumped.

Mortgage rates became more affordable in 2025, after the Federal Reserve began cutting rates late in the year. Since August, average 30-year fixed mortgage rates have held below 6.5%, offering relief to borrowers. But what might 2026 bring?

“In the wake of the Fed’s recent rate cuts, mortgage rates are likely to remain higher than many borrowers would like, but not dramatically out of line with historical norms,” says Jeffrey Ruben, President of WSFS Home Lending at WSFS Bank. “I don’t expect a return to the ultra-low mortgage rates we saw during the COVID era, but I do believe that long-term rates will come down and more refinancing opportunities are on the horizon. In the decade leading up to the pandemic, mortgage rates hovered just under 5% for an extended period, which feels closer to a point of equilibrium than the extremes we’ve seen over the past few years.”

Rates accurate as of 12/29/2025.

Today's average rate for the benchmark 30-year fixed mortgage is 6.25 percent, an increase of 0.01 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.28 percent.

At the current average rate, you'll pay $73.89 for every $100,000 you borrow. That's up $0.07 from last week.

The average 15-year fixed-mortgage rate is 5.53 percent, down 0.04 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $98.24 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 5.74 percent, up 0.10 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.

Monthly payments on a 5/1 ARM at 5.74 percent would cost approximately $69.95 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

The average jumbo mortgage rate is 6.44 percent, down 0.07 basis points from a week ago. A month ago, the average rate on a jumbo mortgage was lower, at 6.47 percent.

At the current average rate, you'll pay $0.55 per month in principal and interest for every $100,000 you borrow. That's down $0.55 from what it would have been last week.

The average 30-year fixed-refinance rate is 6.66 percent, up 0.12 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.70 percent.

At the current average rate, you'll pay $69.95 per month in principal and interest for every $100,000 you borrow. That's up $0.10 per $100,000 compared to last week.

Today's mortgage rates have eased from the peaks reached at the beginning of 2025, which reached 7.19% for a 30-year fixed mortgage and 6.40% for a 15-year fixed, according to Bankrate data.

Learn more: Mortgage rate history: 1970s to today

If you're shopping for a mortgage now, here are some tips to help you get the best possible rate:

• Improve your credit score. While you can get a mortgage with a lower score, the best rates go to borrowers with a score of 780 or higher. Here are some ways to help increase your score before you apply for a mortgage.
• Raise your down payment. If you're buying a home and able to afford it, consider making a higher down payment. You'll borrow less and get a lower rate.
• Shop around. Compare mortgage offers from at least three different lenders.
• Lock your rate. If you were preapproved for an attractive rate, but you think rates might rise before you find a home, consider locking in your offer or inquiring about a float-down option. With the latter, you'll lock in your lower rate now, but you can get an even lower rate if prevailing rates fall.

• Latest mortgage news this week
• Compare current mortgage rates for today

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.