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Mortgage and refinance interest rates today, December 2, 2025: A low 30-year rate vs. an even lower 15-year
Laura Grace Tarpley ·
Lead Editor and Content Strategist, Mortgages
Hal Bundrick, CFP® ·
Senior Writer
Updated
Tue, December 2, 2025 at 10:35 AM EST
4 min read
Mortgage rates have bounced a bit higher. According to Zillow, the average 30-year rate rose 11 basis points to 6.11%. The 15-year rate stepped down two basis points to 5.48%.
Today's mortgage rates
Here are the current mortgage rates, according to our latest Zillow data:
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30-year fixed: 6.11%
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20-year fixed: 5.99%
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15-year fixed: 5.48%
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5/1 ARM: 6.12%
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7/1 ARM: 6.08%
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30-year VA: 5.52%
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15-year VA: 5.16%
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5/1 VA: 5.10%
Remember that these are the national averages and rounded to the nearest hundredth.
Today's mortgage refinance rates
These are the current mortgage refinance rates, according to the latest Zillow data:
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30-year fixed: 6.17%
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20-year fixed: 6.16%
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15-year fixed: 5.59%
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5/1 ARM: 6.44%
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7/1 ARM: 6.95%
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30-year VA: 5.54%
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15-year VA: 5.26%
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5/1 VA: 5.11%
Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates.
Refinance interest rates
Yahoo Finance mortgage calculator
A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect your monthly payments. Use this mortgage calculator to play around with different outcomes.
You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use, as you shop for homes and lenders. It also considers factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest.
30-year vs. 15-year fixed mortgage rates
As a general rule, 15-year mortgage rates are lower than 30-year mortgage rates. When comparing 15- versus 30-year mortgage rates, know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you’re paying off the same loan amount in half the time.
For example, with a $400,000 mortgage with a 30-year term and a 6.11% rate, you'll make a monthly payment of about $2,427 toward your mortgage principal and interest. As interest accumulates over decades, you’ll end up paying $473,563 in interest.
If you get a $400,000 15-year mortgage with a 5.48% rate, you’ll pay about $3,264 monthly toward your principal and interest. However, you’ll only pay $187,536 in interest over the years.
If that 15-year mortgage monthly payment is too high, remember you can always make extra mortgage payments on your 30-year loan to pay off your mortgage faster and ultimately pay less interest.
Fixed-rate vs. adjustable-rate mortgages
With a fixed-rate mortgage, your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage.
An adjustable-rate mortgage keeps your rate the same for a set period of time. Then the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remainder of your term.
Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, you risk your interest rate going up. ARM rates have also been starting higher than fixed rates recently, so sometimes you don't get a rate break.
When will mortgage rates finally drop?
Economists don't expect drastic mortgage rate drops before the end of 2025.
In 2024, mortgage rates trended downward from early August to the Sept. 18 Federal Reserve meeting, when the central bank announced a 50-basis-point slash to the federal funds rate.
The Fed decreased its rate again at its November and December meetings (by 25 bps each time). However, it paused for months to consider the next move.
Finally, the Federal Reserve announced two rate cuts in 2025, including at its latest meeting on Oct. 29. The Fed is considering another rate cut before the end of the year. Nothing is set in stone, but currently, the CME FedWatch tool predicts a roughly 86% chance of another quarter-point cut at the Fed meeting next week.
Mortgage rates today: FAQs
What is today's 30-year fixed rate?
According to Zillow data, today's 30-year fixed rate is 6.11% for home purchases and 6.17% for refinances. These are the national averages, so keep in mind the average in your state or city could be different. Your rate will also vary depending on your personal finances.
Are mortgage rates expected to drop?
Mortgage rates aren't expected to move much by the end of 2025. As the Federal Reserve considers all relevant financial factors before its next meeting, even another short-term interest rate cut isn't guaranteed.
Will mortgage rates go down in 2026?
Mortgage rates might ease a bit lower in 2026. Depending on the economy, inflation, and the Fed, any decreases may be relatively small.