After multiple years of being stuck on the sidelines waiting for mortgage interest rates to cool down again, prospective homebuyers may want to reconsider their strategies. Mortgage rates have been falling for much of 2025 after starting the year slightly over 7%. This decline is largely due to a combination of lower inflation rates, movements in the 10-year Treasury yield, and a series of new Federal Reserve rate cuts that resumed in September following additional cuts in the final months of 2024.

While rates aren’t as low as they were during the height of the pandemic in 2020 and 2021, they’re far from the decades-high levels seen in 2023. With another Fed meeting set for the final weeks of 2025—and expectations that another rate cut could be issued—mortgage rates could soon drop even further. This will open new, more affordable opportunities both for homebuyers and homeowners looking to refinance their existing high-rate mortgages.

So, what are today’s mortgage and mortgage refinance interest rates as of November 7, 2025? Below, we break down what you need to know right now.

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### What Are Today’s Mortgage Interest Rates?

The average mortgage interest rate on the traditional 30-year fixed mortgage is **5.99%** as of November 7, 2025, according to Zillow.

For those who don’t mind a larger monthly payment in exchange for paying off their loan faster and reducing overall interest costs, a 15-year mortgage term may be worth considering. The average interest rate on a 15-year fixed mortgage is currently **5.50%**.

While these rates aren’t close to the near 3% levels seen five years ago, they are now under 6%, providing enough affordability for many buyers to consider entering the housing market again. Acting now—before the holiday season commences and before the traditional spring homebuying season heats up—may give buyers an advantage with more homes to choose from and less competition.

[Compare your top mortgage rate options online today.](#)

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### What Are Today’s Mortgage Refinance Interest Rates?

The average refinance rate on a 30-year mortgage dropped slightly overnight from **6.85% to 6.78%**, as of November 7, 2025, according to Zillow.

For those interested in lowering their rate and paying off their mortgage sooner, the average 15-year refinance rate remained steady at **5.77%**.

Considering that mortgage rates reached highs as high as 7.22% as recently as May 2024 (per Freddie Mac data), today’s refinance rates represent significant savings for homeowners.

However, be sure to carefully calculate potential cost savings. Don’t forget to factor in mortgage refinancing closing costs, and plan to stay in your home long enough for the monthly savings to offset these costs. If you’re planning to move before breaking even, refinancing may not make financial sense right now.

[Learn more about your mortgage refinancing options here.](#)

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### The Bottom Line

Mortgage interest rates for a 30-year fixed term have fallen below 6% as of November 7, 2025, creating more affordable opportunities for homebuyers. But this affordability isn’t limited to buyers—many homeowners may benefit from refinancing at current rates, which hover around **6.78%** for a 30-year term and **5.77%** for a 15-year term.

Remember, these figures represent averages. With some effort shopping around, qualified borrowers could find even lower rates by taking prompt action today.

Don’t miss out on these improving mortgage rate opportunities as the market continues to evolve.
https://www.cbsnews.com/news/todays-mortgage-interest-rates-november-7-2025/