Mortgage rates fall again in US: 15-year stands at 5.57%, 30-year at 6.61%

The current 30-year fixed mortgage rate dropped by 0.65 % last week to 6.61%, according to the Mortgage Research Center. The average interest rate for a 15-year fixed-rate mortgage also declined, falling 0.08% to 5.57% over the same period, according to a Forbes report.

Mortgage rates in US: A jumbo loan is a mortgage that’s bigger than the loan limit set by the FHFA for that area.(Pexels)

This means that a $100,000 loan with an interest rate of 5.57% would require a monthly payment of about $821, excluding taxes and insurance, per the report. Meanwhile, the total interest costs over the life of a 15-year mortgage would be around $48,224.

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Jumbo mortgage rate

The average rate for a 30-year fixed jumbo mortgage is 6.94%. Last week, it was 6.95%. A jumbo loan is a mortgage that is bigger than the loan limit set by the FHFA for that area.

Mortgage rate trends in 2025

Rates dropped somewhat after spring 2024, then started rising again in October. Even with the Federal Reserve cutting its Fed Funds rate in September, November, and December 2024, rates increased. Rates began to decrease again in January 2025, but mortgage experts say do not expect rates to fall significantly more anytime soon.

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What affects mortgage rates?

Generally, mortgage rates are correlated with US Treasury bond yields. When yields fall, mortgage rates fall too. The Fed’s actions also play a part. If prices increase or the economy declines, the Fed could reduce interest rates. An example of this happened during the COVID-19 pandemic, when rates hit record lows.

With that said, there is no widespread expectation for another significant drop in mortgage rates going forward. But should the inflation decrease or the economy slow further, lower rates can be expected, per the report.