Mortgage rates have stayed within a narrow range since late October, fluctuating just 11 basis points from their 2025 low. This week, the national average for a 30-year fixed mortgage was reported at 6.16%, a one basis point increase, while the 15-year fixed rate rose two basis points to 5.46%, according to data from Freddie Mac.
President Trump has called for government mortgage entities Fannie Mae and Freddie Mac to purchase $200 billion in mortgage bonds. Observers note this move could provide the necessary stimulus to finally drive mortgage rates below the 6% threshold.
Current figures from Zillow show a 30-year fixed rate at 6.05%, a 20-year fixed at 5.98%, and a 15-year fixed at 5.48%. Adjustable-rate mortgages are also available, with a 5/1 ARM at 6.32% and a 7/1 ARM at 6.53%. VA loan rates are lower, with the 30-year VA at 5.55% and the 15-year VA at 5.16%.
Refinance rates, also sourced from Zillow, are slightly higher in some categories. The 30-year fixed refinance rate is 6.12%, the 20-year fixed is 5.94%, and the 15-year fixed is 5.60%. For VA refinancing, the 30-year rate is 5.47% and the 15-year is 5.10%. These figures represent national averages rounded to the nearest hundredth.
Mortgage rates have generally trended downward since the end of May and remain lower than they were at this time last year. However, since mid-October, movement has been minimal, with rates continuing to hover within a consistent band.
Forecasts from industry groups provide a glimpse into the future. The Mortgage Bankers Association expects the 30-year mortgage rate to be near 6.4% through 2026. Fannie Mae predicts a rate above 6% for most of next year, potentially dipping to 5.9% in the fourth quarter of 2026. Looking further ahead to 2027, the MBA forecasts rates around 6.3% for most of the year, while Fannie Mae anticipates an average near 5.9% for the full year.