Mortgage and refinance interest rates today, November 12, 2025: Steady, near 2025 lows

Average 30-year fixed mortgage rates are holding mostly steady at 6.16%, with 15-year fixed rates at 5.61%, according to Zillow data. Refinance rates are slightly higher, with the 30-year fixed at 6.33%. Despite a general move lower since a government shutdown and being below last year's levels, rates currently lack momentum for substantial further declines and are projected to remain in a tight range, even if the Federal Reserve implements another rate cut.

Analysis

The average 30-year fixed mortgage rate is currently 6.16%, with 15-year fixed rates at 5.61%, according to Zillow data. Refinance rates are marginally higher, with the 30-year fixed at 6.33%. These rates are holding mostly steady, indicating a lack of momentum for substantial downward movement in the near term.

Despite a general decline since a recent government shutdown and being below last year's levels, mortgage rates are projected to remain within a tight range. Even a potential Federal Reserve short-term interest rate cut before year-end is unlikely to significantly lower mortgage rates, suggesting limited immediate volatility.

While adjustable-rate mortgages (ARMs) typically offer lower introductory rates, current Zillow data shows fixed rates are presently lower than ARM rates, specifically the 5/1 ARM at 6.54% compared to the 30-year fixed at 6.16%. This divergence highlights a current advantage for fixed-rate products over ARMs.

For potential refinancers, improving credit scores and lowering debt-to-income ratios are cited as key factors for securing lower rates. Opting for a shorter-term refinance, such as a 15-year fixed, can also yield a lower rate, although it entails higher monthly payments.

Key Decisions for Investors

• Investors should anticipate mortgage rates to remain relatively stable in the near term, as a potential Fed rate cut is unlikely to significantly impact long-term mortgage rates.
• Given current Zillow data indicating fixed rates are presently lower than ARM introductory rates, investors considering new mortgages or refinancing should prioritize fixed-rate products for potentially better initial terms and payment predictability.
• For those contemplating refinancing, focus on credit score improvement and debt-to-income ratio reduction to secure optimal rates, and evaluate the trade-off between lower rates on shorter terms versus higher monthly payments.