Rates decrease: How much can you save? - Today's mortgage and refinance rates for March 7, 2025
National mortgage rates sunk across all terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.
Mortgage rates are impacted by multiple factors, some carrying more weight than others. The Federal Reserve has put the brakes on cutting rates as inflation stays elevated. The latest inflation report from the Labor Department showed an unexpectedly higher reading.
Meanwhile, the latest S&P CoreLogic’s Case-Shiller Index shows home prices increased by 3.9 percent annually in December 2024. Along with that, home construction sharply slowed last month, and could continue to stall as long as higher inflation, mortgage rates and now tariffs stick around.
"The housing economy is currently in a holding pattern as the impact of the tariffs and persistent inflation is coming into play,” says Dr. Selma Hepp, chief economist for CoreLogic. “Even as home builders continue to offer buyer incentives, high mortgage rates keep the eligible pool of homebuyers restricted to higher-income individuals. Existing-home sales will continue to struggle with fewer homes coming to market due to tepid buying activity.”
Still, real estate is one of the most popular long-term investments, according to Bankrate’s 2025 Long-Term Investment Survey. Close to one-quarter (24 percent) of Americans cited real estate as a top long-term investment, second only to the stock market.
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.66% | 6.75% | -0.09% |
| 15-year fixed | 5.94% | 6.04% | -0.10% |
| 5/1 ARM | 6.05% | 6.17% | -0.12% |
| 30-year fixed jumbo | 6.76% | 6.91% | -0.15% |
Rates as of March 7, 2025.
These rates are Bankrate's overnight average rates and are based on the assumptions here. Actual rates available on-site may vary. All rate data is accurate as of Friday, March 7th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year mortgage slides
0.09%
Today's average rate for the benchmark 30-year fixed mortgage is 6.66 percent, a decrease of 9 basis points from a week ago. Last month on the 7th, the average rate on a 30-year fixed mortgage was higher, at 6.92 percent.
At the current average rate, you'll pay $642.63 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $5.97 lower.
Learn more about 30-year fixed mortgage rates, and compare to a variety of other loan types.
15-year mortgage rate moves down
0.10%
The average rate you'll pay for a 15-year fixed mortgage is 5.94 percent, down 10 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $841 per $100,000 borrowed.
5/1 ARM slides
0.12%
The average rate on a 5/1 adjustable rate mortgage is 6.05 percent, sliding 12 basis points from a week ago.
Monthly payments on a 5/1 ARM at 6.05 percent would cost about $603 for each $100,000 borrowed over the initial five years.
Jumbo mortgage rate moves down
0.15%
The average rate for a jumbo mortgage is 6.76 percent, down 15 basis points over the last week. A month ago, the average rate was greater than 6.76 at 6.98 percent.
At today's average rate, you'll pay $649.26 per month in principal and interest for every $100,000 you borrow. That's lower by $10.01 than it would have been last week.
Mortgage refinance rates
Today's 30-year mortgage refinance rate eases
0.10%
The average 30-year fixed-refinance rate is 6.65 percent, down 10 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 6.90 percent.
At the current average rate, you'll pay $641.96 per month in principal and interest for every $100,000 you borrow. That's lower by $6.64 than it would have been last week.
Could mortgage rates go down this year?
Mortgage rates have started off 2025 slightly higher compared to 2024 and 2023. The average 30-year fixed rate was 6.84 percent as of Feb. 26, according to Bankrate’s survey of lenders. This represents a dip from a 7.09 percent average in January, and down from an average 7.22 percent this time last year.
"Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve," says NAR Chief Economist Lawrence Yun. "When combined with elevated home prices, housing affordability remains a major challenge."
The Fed meets next on March 18 and 19. At that time, it’ll release updated economic projections, which could offer clues as to when rate changes might happen.
Keep in mind the Fed doesn’t delegate fixed mortgage rates. Those tend to track the 10-year Treasury yield, which moves up or down depending on investors’ tolerance for risk — a sentiment that shifts with inflation and other economic reports. The 10-year yield has remained elevated so far in 2025.
Should you refinance your mortgage in 2025?
It depends. There are many reasons to refinance a mortgage, chief among them obtaining a lower rate.
Eighty-four percent of collective mortgage debt is priced at 6 percent or below, according to Realtor.com. If current forecasts bear out and rates stay within the 6 percent range, most mortgage holders won’t achieve a lower rate with refinancing.
Still, if you’re set on refinancing to pull cash out of your equity, keep your goals in mind.
“If your intention is to take cash out of your home to pay down credit card debt, I'd urge caution: Make sure you've got your spending under control before you tap home equity,” says Jeff Ostrowski, principal writer at Bankrate. “The last thing you want is to use the proceeds of a refi to pay off debt, only to find yourself in the same situation in a year."
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
