What are today's mortgage interest rates: December 18, 2025?
Inflation is declining again, according to a new report released Thursday. And interest rates are on the decline too, especially following the Federal Reserve's latest rate cut on December 10. That 25 basis point reduction followed two others in September and October, combining to reduce the overall interest rate climate for borrowers heading into 2026.
But what about mortgage interest rates, specifically? Despite the conventional wisdom, mortgage rates have also experienced some positive movement in 2025 and are considerably lower in the final days of the year than where they started in January. Still, mortgage interest rates change each day and data that encourages a decline today could easily reverse course in the days that follow. So, if you can find a rate that fits your budget right now, it may be worth locking in.
What are today's mortgage interest rates, however, as of December 18, 2025? That's what we'll detail below.
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What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage is 5.99% as of December 18, 2025, according to Zillow. The average rate on a 15-year term is 5.37%. With both rates under 6% now, a rarity compared to the elevated mortgage rate climate of recent years, buyers may find today's offers already low enough to justify a purchase.
And considering that these are just averages, qualified borrowers may be able to find ones that are even lower by taking the time to shop online. While they're unlikely to find anything materially lower, even a few basis points difference can add up to significant savings over time, especially when stretched out over 15 or 30 years.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.69% as of December 1, 2025, according to Zillow. The average refi rate on a 15-year term is now 5.74%. There's a relatively small portion of homeowners who can benefit from refinancing right now but today's new and improved rates may be worth considering for these specific borrowers.
For example, if you have a rate over 7% currently, then today's 15-year rates satisfy both the 0.50% and 1% refinancing thresholds many experts would recommend meeting to justify an application. So crunch the numbers and see what works (and doesn't) for you right now. There may be a window of opportunity here, depending on what you're currently paying and how your budget has evolved since first locking in your rate.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.99% as of December 18, 2025, and 5.37% for a 15-year term. The average refinance rate on a 30-year mortgage, meanwhile, is now 6.69% and just 5.74% for 15-year options. With multiple ways to secure a rate under 6% now, there are opportunities here for both buyers and owners to realistically explore again. Consider speaking with a mortgage lender, then, who can better explain your current options and help you calculate your budget against these new possibilities.
