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While it may be easy to consider today’s mortgage interest rates too high compared to what they were at the start of the decade, the reality is that rates in 2020 and 2021 were the anomaly – not what’s available right now. In fact, historically, mortgage interest rates tend to average around 7%, making the rates that are readily available now actually lower than what’s often been available.
And, in 2025 specifically, rates have mostly been on a slow but steady decline. That was clearly seen in recent months as rates fell to a three-year low, rose slightly and then dropped again to that level in line with two Federal Reserve interest rate cuts.
So rates are moving back in the right direction for buyers and owners looking to refinance. With another Federal Reserve meeting on the calendar for December and another interest rate cut possible then, this decline may continue in the weeks ahead. To better understand the affordability of the current moment, however, it helps to know what average mortgage rates are now, as of November 13, 2025. Below, we’ll detail everything you need to know.
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What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year term is now 5.99%, as of November 13, 2025, according to Zillow. That’s a slight drop from the low 6% range rates have been hovering around in recent days. Rates on a 15-year term are even lower, coming in at an average of 5.37%, giving buyers who want to expedite their payoff timeline a more affordable way to do so.
It’s also important to note that these are just averages. If you’re a homebuyer with a good-to-excellent credit score, low debt-to-income ratio and are willing to make a large down payment (more than the conventional 20%), you may be eligible to secure an even lower mortgage rate. Consider shopping around online today, then, to see which lenders are offering the most competitive rates and terms.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.95%, as of November 13, 2025, according to Zillow. The average rate on a 15-year refinance loan as of Thursday is now 5.75%, up slightly from earlier in the week.
Many homeowners secured interest rates under 4% in recent years, negating the benefit of refinancing right now. But many doesn’t mean all, and if you’re one of those who purchased a home in 2023 or 2024, today’s mortgage refinance rates may justify taking action.
While most experts would recommend waiting until you can secure a mortgage rate one full percentage point lower than your existing one, even half a percentage point could offer real savings and financial breathing room now. Closely evaluate your options, then, and calculate your costs (and closing costs) with precision to best determine your next move.
The bottom line
The average mortgage interest rate on a 30-year term is back under 6%, as of November 13, 2025, opening up a new window of opportunity for many buyers waiting for rates in the 5% range. Homeowners considering a refinance on a 15-year term, meanwhile, can also secure a rate in the 5% range, potentially offering new savings opportunities for buyers who bought homes in recent years. Evaluate your options closely, then, to determine if these rates are low enough to justify acting or if you’re better served by waiting for them to fall a bit further.
