What are today's mortgage interest rates: December 16, 2025?
Monitoring the interest rate climate for homebuyers and owners hoping to refinance can easily become a daily activity. And in the interest rate climate of recent years, it was often a disappointing one. But upon closer inspection this year, buyers and owners may have noticed something that they haven't seen in quite some time: Mortgage interest rates are actually declining again.
Down by around one full percentage point, on average, for 30-year purchase terms, rates here have hovered around 3-year lows for much of the last three months. That has been due, in large part, to a series of interest rate cuts issued by the Federal Reserve, the latest of which was announced on December 10. And this could be a motivator for buyers to take action now, heading into 2026. Still, before getting started, it helps to know the details about today's mortgage interest rates to make an informed decision.
So, what are today's mortgage interest rates exactly, as of December 16, 2025? That's what we'll outline below.
See how low your current mortgage rate offers are here.
What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year term remained at 6.12% as of December 16, 2025, according to Zillow. The average rate on a 15-year term is 5.37%, offering a potential opportunity for buyers who don't mind a larger monthly payment in exchange for an expedited payoff timeline and lower interest costs.
As for the 30-year term, while unquestionably higher than what was available during the pandemic, this rate is still significantly lower than the 7%-plus that was listed for buyers as recently as January. So, there may be a cost-effective opportunity for borrowers here, too, especially considering what they would have been offered at earlier points this year and in 2024.
Compare mortgage rates and lenders online to learn more.
What are today's mortgage refinance rates?
The average mortgage refinance rate for a 30-year mortgage is 6.71% as of December 16, 2025, according to Zillow data. The average refi rate for a 15-year term is 5.65%. While the 30-year refinance rate may be too high to justify taking action now, the 15-year alternative could be beneficial, especially for those homeowners with mortgage rates over 7% now.
Take the time, then, to calculate your potential costs. While the shorter timeframe may result in bigger monthly payments, a significantly lower interest rate could help reduce some of those costs. Remember, while the conventional wisdom supports a refinance to a rate a full percentage point lower, even one half a percentage point lower may often offer enough savings to justify making a move.
The bottom line
The average mortgage interest rate on a 30-year term is 6.12% and 5.37% for a 15-year option, as of December 16, 2025. The average mortgage refi rate on a 30-year term, meanwhile, is now 6.71% and 5.65% for a 15-year option. But it's important to remember that these are just averages, meaning that you can and likely will find rates that are even lower by shopping around online right now. Take the time, then, to monitor the mortgage interest rate climate again. You may be pleasantly surprised at what you can now find.
