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With the holiday season set to officially commence later this month and, with it, a predicted surge in spending, the thought of homebuying or refinancing an existing home may not be an urgent priority right now. And after the increase in mortgage interest rates in recent years, it’s understandable if this consideration is dismissed. But that could be a mistake for many, considering that mortgage interest rates have been slowly but steadily declining for much of 2025.
Mortgage interest rates briefly dropped to a 3-year low in September, timed against the Federal Reserve’s interest rate cut that month. They rose slightly in the weeks after, but then fell back to that 3-year low at the end of October alongside another Fed rate cut then. Currently, they remain more than 75 basis points lower than they were at the start of the year, opening new, timely windows of opportunity for buyers and current owners looking to lower their monthly costs.
So, what are today’s mortgage and mortgage refinance rates, as of November 12, 2025? Below, we’ll break down what you need to know.
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What are today’s mortgage interest rates?
The average mortgage interest rate on a traditional 30-year mortgage is 6.12% as of November 12, 2025, according to Zillow. The average mortgage interest rate on a 15-year option is 5.50%. Both rates remained unchanged overnight. While the shorter term comes with a significantly lower interest rate, it will come with larger payments thanks to the expedited time frame. At the same time, that 6.12% 30-year rate is competitive, especially considering that the rate was over 7% in January. By acting now, some buyers can realize significant savings. And, if they tack on mortgage points to their loan or consider adjustable-rate mortgage alternatives instead, they can potentially secure a rate in the 5% range. Take the time to review all of your options carefully. There may be a cost-effective way to re-enter the homebuying market now.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate for a 30-year term is 6.91%, as of November 12, 2025, according to Zillow. 15-year mortgage terms, however, are significantly lower with the average there just 5.89% right now. In other words, if you purchased a home in 2023 or 2024 and got saddled with a rate in the high 6% to low 7% range, refinancing into a new, 30-year term may not be advantageous now.Â
If you can afford a higher payment, want to expedite the mortgage payoff process and are looking to save money on interest costs, however, a 15-year mortgage refinance could be advantageous. With the conventional wisdom being that it’s worth refinancing if you can secure a rate a full percentage point lower, many may find a 15-year refinance option financially attractive now. Just be sure to carefully consider the extra costs here before getting started.
The bottom line
The average mortgage interest rate on a 30-year purchase term as of November 12, 2025 is 6.12% while the average refinance rate for the same loan length is now 6.91%. While those are both up slightly from what they had been in recent weeks, they’re both competitive and, depending on the buyer or owner in question, can be low enough to justify taking next steps. Calculate your costs closely and consider speaking with a mortgage lender who can answer any questions and help you determine next steps.
