What are today's mortgage interest rates: December 1, 2025?
With the final month of 2025 officially underway, homebuyers and owners looking to refinance have cautious reasons for optimism. Not only have mortgage interest rates been declining for much of 2025, but purchase rates in particular have hit 3-year lows multiple times already in recent months. And with another Federal Reserve meeting on the calendar for next week and the chances of a rate cut now over 87% (according to the CME Group's FedWatch tool), rates could easily continue to decline in December, too.
That will set up homebuyers and owners well heading into 2026, giving them more affordable options in the winter and the traditional spring homebuying season. At the same time, lower rates next year could complicate the homebuying process amid greater competition for still-limited inventory. But waiting to act may not be necessary for many, especially considering how low today's rates already are.
So, what are today's mortgage purchase and refinance interest rates as of December 1, 2025? Below, we'll break down everything you need to know to make an informed decision on your next steps.
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What are today's mortgage rates?
The average mortgage interest rate on a 30-year mortgage is 5.99% as of December 1, 2025, according to Zillow. The average rate on a 15-year mortgage is 5.37% now. With both rate terms under 6%, then, these already may be low enough to justify taking action. It's also important to note that these are just averages.
If you have a good credit score, a clean credit background and are capable of making a down payment larger than the traditional 20% most lenders require without private mortgage insurance (PMI), you may qualify for a rate that's even lower than these. Take the time, then, to shop around online and compare your rate options and lenders. You may already be able to find a rate low enough to support a purchase.
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What are today's mortgage refinance rates?
The average mortgage refinance rate for a 30-year mortgage is 6.78% as of December 1, 2025, according to Zillow. The average refi rate for a 15-year mortgage is 5.64%, offering a material difference for borrowers who are looking to condense their mortgage repayment timeline and save on interest at the same time.
Still, a 15-year mortgage represents a real, larger commitment for borrowers, and it should only be done if the math works in your favor, as the shorter timeframe will mean much bigger monthly payments. But at today's rate, comfortably under 6%, it could be the smart move to consider, especially for homeowners who purchased homes with 30-year rates over 7% in 2023 and 2024.
The bottom line
The average mortgage purchase rate on a 30-year mortgage is 5.99% as of December 1 and 5.37% for a 15-year one. The average mortgage refi rate on a 30-year mortgage, meanwhile, is now 6.78% and just 5.64% for a 15-year option. These rates are all higher than they were in 2020 and 2021 but markedly lower than what most buyers and owners have been offered in recent years. And they're in line with historic averages. So, if the numbers work in your favor and you're ready to take action, this December could be the smart, cost-effective time to do just that.
