Currently, the average interest rate on a 30-year fixed mortgage is 6.91%, compared to 6.92% a week ago, according to the Mortgage Research Center. For borrowers who want to pay off their home faster,

Mortgage interest rates slipped lower over the past week, settling at the lowest level of 2025, but remaining elevated enough to stifle normal levels of buying and selling in the housing market.

For his part, Lewis says mortgage rates are poised to drop in February, after climbing above 7% in January. “The direction of consumer prices will have the strongest effect on mortgage rates in February. The core inflation rate should decline further, giving bond yields and mortgage rates room to fall, but not by a lot,” says Lewis.

The rate on a 30-year fixed refinance increased to 6.98% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.95%. On a 20-year mortgage refinance, the average rate is 6.

Mortgage applications increased 2.3% last week, driven by a surge in refinance activity, as more homeowners take advantage of interest rates by the Federal Reserve.