30-year mortgage rates increase - Should you wait? | Today's mortgage and refinance rates, November 24, 2025
Mortgage rates rose according to Bankrate data. The average rates for 30-year fixed, 5/1 ARMs and jumbo loans edged higher.
Rates could be headed downward, as bond yields respond to New York Fed President John Williams' speech on Friday morning. According to Williams, rate cuts are still on the table for December as the Federal Open Market Committee (FOMC) is weighing a cooling job market against the risk of sparking higher inflation.
“My assessment is that the downside risks to employment have increased as the labor market has cooled, while the upside risks to inflation have lessened somewhat,” said Williams in his speech in Santiago, Chile.
In response, the yield on the 10-year Treasury bond — which fixed mortgage rates are tied to — slid to the lowest rates seen for this month.
However, in recent meetings, there's been growing disagreement amongst the Federal Reserve on whether to cut rates and by how much.
“Americans are every bit as challenged on the outlook for the economy as are Federal Reserve officials. At the top of the list of concerns are inflation and worry about a worsening job market,” says Mark Hamrick, senior economic analyst for Bankrate. “Employment prospects are tied to both hopes and the reality of wage gains, which provide a path to managing elevated prices.”
If the weeks leading up to the Fed's rate cuts in September and October are any indication, mortgage rates could continue to trend downward ahead of the next Fed meeting on Dec. 9 and 10. At this meeting, the Fed will also release a new summary of economic projections, which will show where the officials think rates and the economy are headed.
“Ultimately, whether we see a December rate cut or not won't make or break households,” says Hamrick. “But the question is key for financial markets as we balance our understanding of the present and assess prospects for the days and months ahead.”
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.33% | 6.28% | +0.05% |
| 15-year fixed | 5.64% | 5.63% | +0.01% |
| 5/1 ARM | 5.60% | 5.56% | +0.04% |
| 30-year fixed jumbo | 6.46% | 6.42% | +0.04% |
Rates as of 11/24/2025.
The rates listed here the assumptions shown here. Actual rates available within the site may vary. All rate data is accurate as of November 24, 2025 at 06:38 AM ET.Mortgage purchase rates
30-year mortgage rate moves upward
0.05%
Today's average rate for the benchmark 30-year fixed mortgage is 6.33 percent, an increase of 0.05 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.23 percent.
15-year mortgage rate trends upward
0.01%
The average 15-year fixed-mortgage rate is 5.64 percent, up 0.01 basis points over the last week.
5/1 adjustable rate mortgage advances
0.04%
The average rate on a 5/1 ARM is 5.60 percent, up 0.04 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
0.04%
The average jumbo mortgage rate is 6.46 percent, up 0.04 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was lower, at 6.49 percent.
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Mortgage refinance rates
Current 30 year mortgage refinance rate advances
0.13%
The average 30-year fixed-refinance rate is 6.72 percent, up 0.13 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 6.64 percent.
How quickly are mortgage rates changing?
Bankrate’s Mortgage Rate Variability Index was a 3 out of 10 for the week of Nov. 21, indicating a slight 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 6.72 percent.
Learn more: Mortgage rate history: 1970s to today
When should you lock your mortgage rate?
Given how unpredictable the economy and mortgage market is, locking in your mortgage rate provides some degree of certainty. Many homebuyers choose to lock their rates after their offer on a home has been accepted, 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 whether 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.
