Mortgage and refinance interest rates today for October 20, 2025: Weekly rates drop

Mortgage loan interest rates fell this week. The average 30-year fixed mortgage rate is down 10 basis points, according to Zillow. 6.18%15-year fixed interest rate decreased by seven basis points 5.51%.

Now may be a good time to buy a home as rates slowly decline. There’s less competition than in the summer months, and the stress that usually accompanies the holiday season hasn’t arrived yet.

According to the latest Zillow data, current mortgage rates are as follows:

• 30 year fixed: 6.18%

• 20 year fixed: 5.62%

• 15 year fixed: 5.51%

• 5/1 ARM: 6.38%

• 7/1 ARM: 6.35%

• 30 years VA: 5.62%

• 15 years VA: 5.09%

• 5/1 VA: 5.31%

Remember, these are national averages and have been rounded to the nearest hundredth.

Here are 8 strategies to get the lowest mortgage rates.

These are today’s mortgage refinance rates, based on the latest Zillow data:

• 30 year fixed: 6.29%

• 20 year fixed: 5.83%

• 15 year fixed: 5.77%

• 5/1 ARM: 6.56%

• 7/1 ARM: 6.80%

• 30 years VA: 5.61%

• 15 years VA: 5.49%

• 5/1 VA: 5.29%

Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are generally higher than when you buy a home, but that’s not always the case.

MORE: Learn about the best mortgage refinancing lenders right now.

You can use the free Yahoo Finance mortgage calculator to play around with how different terms and rates will affect your monthly payment. Our calculator takes factors like property taxes and homeowners insurance into account when estimating your monthly mortgage payment. This gives you a better idea of ​​your total monthly payment than looking at your mortgage principal and interest.

But if you want a quick and simple way to see how today’s rates will affect your monthly mortgage payment, try the calculator below:

Today’s average 30-year mortgage rate is 6.18%. The 30-year mortgage is the most popular type because you spread your payments over 360 months so your monthly payment is relatively low.

If you have a $300,000 mortgage with a 30-year term and a 6.18% rate, your monthly payment on principal and interest will be approximately: 1,834, and you pay $360,066 In interest over the life of your loan – in addition to the original $300,000.

The average 15-year mortgage rate today is 5.51%. Various factors need to be considered when deciding between a 15-year and 30-year mortgage.

A 15-year mortgage has a lower interest rate than a 30-year mortgage. In the long run, this is great because you pay off your loan 15 years sooner, which means 15 fewer years for interest to compound.

However, your monthly payments will be higher because you are squeezing the same debt payment in half.

If you take out the same $300,000 mortgage with a 15-year term and an interest rate of 5.51%, your monthly payment $2,453. But you just pay $141,512 It has been attracting attention for years.

With an adjustable-rate mortgage, your rate is locked in for a set period of time and then increases or decreases periodically. For example, on a 5/1 ARM, your rate stays the same for the first five years, then changes each year.

Adjustable rates generally start lower than fixed rates, but you run the risk of your rate increasing once the initial rate lock period ends. However, if you plan to sell your home before your rate lock period expires, an ARM may be a good choice; This way, you pay a lower rate without worrying about it going up later.

Lately, ARM rates have been running close to or higher than fixed rates at times. Before committing yourself to a fixed or adjustable mortgage rate, be sure to research the best lenders and rates. Some will offer more competitive adjustable rates than others.

Mortgage lenders generally give the lowest mortgage rates to people with higher down payments, excellent credit scores, and low debt-to-income ratios. So if you want a lower rate, try saving more, improving your credit score, or paying off some of your debt before you start home shopping.

You can also permanently lower your interest rate by paying discount points at closing. Taking a temporary interest rate (as mentioned at the beginning of the article) is also an option; for example, maybe with a 2-1 call you get a 6.25% rate. Your rate will start at 4.25% for the first year, increase to 5.25% for the second year, and then settle at 6.25% for the remainder of your term.

In closing, consider whether these purchases are worth the extra money. Before you make your decision, ask yourself if you can stay in the home long enough for the amount you save with a lower rate to offset the cost of lowering your rate.

Here are the interest rates for some of the most popular mortgage terms: According to Zillow data, the national average 30-year fixed rate is 6.18%, the 15-year fixed rate is 5.51%, and the 5/1 ARM rate is 6.38%.

The typical mortgage rate for a 30-year fixed loan is 6.18%. But keep in mind that this is the national average based on Zillow data. The average may be higher or lower depending on where you live in the US

Mortgage rates are not expected to drop significantly before the end of the year as economists monitor the government shutdown, inflation, tariffs and the Federal Reserve.