While today’s mortgage interest rates are much higher than they were at the beginning of the decade, when they hovered near record lows during the pandemic, the reality is that they’re not far off the historical average. For many years, mortgage interest rates were often found close to 7% or even higher, making today’s rates actually lower than what homebuyers would’ve been offered in previous decades.And the good news is that mortgage interest rates are slowly but steadily decreasing again. While it may take a major event or economic downturn to get them back near 3%, rates have been falling here for much of 2025. Right now, they remain near the three-year low they fell to in September ahead of a Fed rate cut that month. With another Federal Reserve meeting on the calendar for December and, with it, another widely expected rate cut, they could fall again before the year is complete.But what are today’s mortgage and mortgage refinance interest rates, as of November 11, 2025. Below, we’ll detail what buyers and homeowners looking to refinance need to know right now.Start by seeing how low your current mortgage interest rate offers are now.What are today’s mortgage interest rates?The average mortgage interest rate on a 30-year conventional mortgage loan increased slightly to 6.12% on November 11, 2025, according to Zillow. That’s up from the 5.99% average rate that was found over the past week, approximately. For those interested in a 15-year fixed mortgage rate option, however, the rate there remained the same overnight at 5.50%. Buyers who want to pay off their mortgage in less than 30 years but not with an expedited 15-year mortgage term may instead want to consider a 20-year option. The average rate there is also 6.12%. If buyers choose that option, they’ll have a bigger monthly payment thanks to the expedited payoff timeline but they’ll save on interest that they would otherwise be liable for with the longer term mortgage.This all noted, mortgage interest rates change daily and different lenders will have different options, depending on their interpretation of market conditions, among other factors. So it’s important to shop around to compare rates, terms and fees to find your most affordable option. The savings you may be able to secure by shopping for a mortgage could be substantial.Start shopping for mortgage rates online today.What are today’s mortgage refinance rates?The average mortgage refinance interest rate for a 30-year mortgage ticked up overnight to 6.93%, as of November 11, 2025, according to Zillow data. That’s up from 6.81% on Monday and now makes mortgage refinancing only appropriate for a select amount of current homeowners. With the conventional wisdom being that refinancing is only valuable for those who can secure a rate one full percentage point lower than their existing one, few would benefit from acting now. Based on today’s figures, homeowners would need an existing rate close to 8% to justify refinancing to this loan term. That noted, the average 15-year mortgage refinance rate could be more attractive for those homeowners looking to pay less in interest and expedite their overall loan term. The average 15-year mortgage refinance rate is now 5.98%, potentially offering a real savings opportunity for homeowners who purchased a home in recent years with rates of 7% or higher. The bottom lineAs of November 11, 2025 the average mortgage purchase rate for a 30-year mortgage is 6.12% while a 15-year option comes in at 5.50%. The median mortgage refinance rate for a 30-year loan is now 6.93% but just 5.98% for a 15-year option. Take the time, then, to not only shop for rates and lenders online but to also calculate the potential savings opportunities presented with shorter term mortgage options. The larger monthly payment could be worth it if it means saving on interest while you more quickly work toward becoming mortgage-free entirely.
