Current mortgage rates are unchanged today and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate until now.

The rate on a 30-year fixed refinance increased to 6.28% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.2%. On a 20-year mortgage refinance, the average rate is 5.

This dip in mortgage loan rates isn't just good for homebuyers, though. It has also energized existing homeowners, as evidenced by the surge in both purchase and refinance applications that occurred when rates dipped.

Mortgage rates have already fallen in anticipation of the Fed's rate decision, with the average 30-year fixed rate falling to 6.35% last week.

As mortgage rates trend downward, this could have a positive financial impact on homeowners hoping to sell their properties, as well as those looking to buy.

The average rate on a 30-year U.S. mortgage fell again this week, echoing a decline in long-term U.S. Treasury bond yields ahead of the Federal Reserve’s first rate cut this year. The rate eased to 6.26% from 6.35% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.09%.

Fed rate cuts may be reshaping borrowing costs, but reverse mortgages follow different rules than other loans.