Mortgage Rates Fall to Lowest Level in 15 Months
Mortgage rates are witnessing a decline, reaching their lowest point in 15 months. This week, the average rate for a 30-year fixed mortgage was recorded at 6.24%, a slight drop from 6.25% last week. This marks the lowest average rate since September 2024, as indicated by the latest survey conducted by Bankrate.
Current Mortgage Rates Overview
Here’s a summary of the current mortgage rates:
- 30-Year Fixed Rate: 6.24% (last week: 6.25%)
- 15-Year Fixed Rate: 5.54% (last week: 5.59%)
- 30-Year Jumbo Rate: 6.42% (last week: 6.52%)
These rates include an average of 0.31 discount and origination points. Discount points serve to lower the mortgage rate, while origination points are fees associated with the loan process.
Monthly Mortgage Payments
For families considering home purchases, the national median family income for 2025 was reported at $104,200. During the same period, the median price for an existing home sold was around $409,200. Based on a 20% down payment and a 6.24% mortgage rate, the monthly payment is approximately $2,013. This represents about 23% of the typical family’s monthly income.
Future Projections for Mortgage Rates
Experts are predicting that mortgage rates may continue to fluctuate. Ted Rossman, a senior industry analyst at Bankrate, expects the 30-year fixed rate to fall below 6% for the first time since Summer 2022. Some forecasts suggest it could dip as low as 5.5% due to expected Federal Reserve interest rate cuts.
Conversely, the Mortgage Bankers Association remains more conservative in its outlook. They anticipate rates remaining closer to 6.4% throughout 2026, attributing this to steady economic growth and persistent inflation.
Methodology of Rate Surveys
The rates reported by Bankrate are derived from a national survey of large lenders conducted weekly. This survey is based on rate information from major banks and thrifts, providing a comprehensive comparison across different markets. This methodology has been consistently applied for over 30 years, ensuring reliable data for consumers.
In summary, with mortgage rates reaching a low point, potential homebuyers have a favorable environment to explore their options. Ongoing economic conditions will continue to influence these rates in the upcoming months.
