Mortgage Rates Fluctuate Amid Economic Uncertainty

According to the latest data as of November 12, 2025, the national average 30-year mortgage rate currently stands at 6.16%. However, mortgage rates have been fluctuating in recent months and are likely to remain in a tight range over the next few months.

The Federal Reserve is considering one more cut to short-term interest rates before the end of the year, but even if that happens, mortgage rates are expected to resist moving much lower. Mortgage rates have been below where they were a year ago, but the overall trend has been one of gradual fluctuation.

For homeowners looking to refinance, securing a low rate is similar to the process when initially purchasing a home. Factors such as improving one's credit score and lowering the debt-to-income ratio can help. Refinancing into a shorter term can also result in a lower rate, though monthly payments will be higher.

Ultimately, the choice between a 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage, or an adjustable-rate mortgage (ARM) depends on individual financial goals and risk tolerance. While 30-year fixed-rate mortgages offer lower monthly payments, they come with higher interest costs over the life of the loan. Shorter-term fixed-rate mortgages have higher monthly payments but lower overall interest costs. ARMs provide an initial lower rate, but the risk of future rate increases must be carefully considered.