Mortgage Rates See Dramatic Shift!
Mortgage rates are showing significant movement, creating potential opportunities for both homebuyers and those looking to refinance. On September 30, 2025, the landscape presents a mixed bag, with long-term loan rates dipping while shorter-term rates creep slightly higher.
Current Mortgage Rate Snapshot
According to Zillow's latest data, the average 30-year fixed mortgage rate has dropped to 6.36%, a decrease of 11 basis points. Conversely, the 15-year fixed interest rate has edged up by three basis points to 5.69%. Here's a quick overview:
- 30-year fixed: 6.36%
- 20-year fixed: 5.90%
- 15-year fixed: 5.69%
- 30-year VA: 5.85%
- 15-year VA: 5.43%
It's crucial to remember that these are national averages and may vary based on individual circumstances and lender.
Refinance Rates Also in Flux
Refinance rates are also experiencing movement. The current averages are:
- 30-year fixed: 6.55%
- 20-year fixed: 6.17%
- 15-year fixed: 5.86%
- 30-year VA: 5.97%
- 15-year VA: 5.52%
Typically, refinance rates are a bit higher than purchase rates.
The Fed's Impact: Lower Rates, Lower Payments
The Federal Reserve's recent rate cut of 25 basis points has had a tangible impact on mortgage affordability. The average 30-year fixed rate has fallen to 6.13%, the lowest in three years. This decline is prompting increased mortgage applications and refinancing activity.
How Much Can You Save?
With a 6.13% interest rate, a $300,000 mortgage now carries a monthly principal and interest payment of approximately $1,823.80. This figure doesn't include property taxes, homeowners insurance, or private mortgage insurance, which can significantly impact the total monthly payment. Use online mortgage calculators to estimate your total costs.
Expert Mitch Roschelle notes that rising mortgage rates are squeezing buyers, making it more important than ever to shop around and understand your options.