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Homebuyers and current owners looking to refinance who may have thought the declines in interest rates were completed for 2025 may want to reconsider. After an unemployment report released last week showed a greater-than-anticipated addition of jobs but still, an increase in the unemployment rate, the chances of another rate cut for the Federal Reserve’s final meeting of the year surged. As of November 24, 2025, the likelihood of another 25 basis point cut in the December meeting – the third such cut this year – stands at just under 80%. And, if that happens, mortgage interest rates could continue to decline in the final weeks of 2025.
But that shouldn’t negate the fact that mortgage rates have already been dropping for much of this year. In the last two months alone, mortgage rates have dropped, slightly risen and fallen back to 3-year lows. That gives homebuyers and owners looking to refinance new, more affordable opportunities than they’ve had in multiple years. So, if you’re considering taking action now or in the near future, it helps to know which mortgage rate climate you’re entering.
But what are today’s mortgage interest rates, as of November 24, 2025? Below, we’ll detail everything you need to know right now.
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What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year term is 5.99% as of November 24, 2025, according to Zillow. The average rate on a 15-year alternative is now 5.37%. With rates here under 6%, both buyers looking for the conventional 30-year term and others looking to save on interest and expedite their payoff timeline may find an affordable way to do so.
While mortgage interest rates change daily, these rates could be low enough to justify locking one in now. It was as recent as January 2025 when the average 30-year rate was over 7%, so today’s new average rate represents a real savings opportunity. And if you were to lock in one of today’s rates and they were to fall again in the weeks ahead, which could align with the timing of the next Fed meeting, you may have a mortgage rate float-down option available. That would allow you to unlock the higher rate and lock in the new, lower one. Rate locks can often come with fees, however, so it’s worth shopping around for rates and lenders before getting started.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate for a 30-year term is 6.82% as of November 24, 2025, according to Zillow. The average mortgage refinance rate for a 15-year term, however, declined in recent days and is now just 5.62%, down from 5.77%.
While many homeowners who locked in ultra-low mortgage interest rates at the start of the decade may not notice any material benefits with today’s refinance rates, buyers who purchased their home in 2023 or 2024 (when rates were over 7%) may find that today’s rates offer a real savings opportunity.
Though the conventional wisdom dictates that a mortgage rate one full percentage point lower than your existing one justifies refinancing activity, some owners may find that a rate even half a percentage point lower is worth pursuing. Take the time, then, to calculate your costs and savings opportunities with precision to better inform your next refinancing steps.
The bottom line
The average mortgage interest rate on a 30-year term is 5.99% and 5.37% for a 15-year option, as of November 24, 2025. The average mortgage refinance rate on a 30-year term is currently 6.82% and 5.62% for a 15-year refi. All of these are significantly higher than they were in 2020 and 2021, but significantly lower than what was largely available in 2023 and 2024. Take the time, then, to determine which group you fall into, as these new, more affordable rates could justify taking the next steps in your homebuying or refinancing journey.
Angelica Leicht
