What are today's mortgage interest rates: December 3, 2025?
Homebuyers and owners looking to refinance may have more than just the holidays to focus on this month. With mortgage rates steadily declining this year and optimism that they may drop again this December if the Federal Reserve cuts interest rates next week, now may be a smart time to reconsider your options. And with many lenders pricing in next week's Fed rate cut now, before it's formally announced, you may already have viable, affordable rates to consider.
With mortgage rates and terms varying from lender to lender, however, it pays to start shopping around now to establish a baseline for comparison. Even a slight difference in rates can easily result in thousands of dollars in savings over the life of a loan. It's important, then, to know what today's average purchase and refinance rates actually are so that you can then determine which lenders are offering the most affordable options.
So, what are today's mortgage interest rates, as of December 3, 2025? Below, we'll detail everything you need to know right now.
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What are today's mortgage interest rates?
The average mortgage interest rate on a 30-year term remained unchanged overnight, sitting at 5.99% as of December 3, 2025, according to Zillow. The 15-year option was also the same as earlier in the week at 5.37%. No matter which option you choose, however, both represent real savings opportunities compared to what was available in the recent past.
It was just January 2025, for example, when the average 30-year mortgage rate sat over 7%. A rate more than a full percentage point lower right now can be low enough to justify homebuying, even during the holiday season. Remember, too, that this is just an average. If you take the time to shop around to compare lenders, as noted above, you may be able to find rates even lower than these median ones.
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What are today's mortgage refinance rates?
The average refinance rate on a 30-year mortgage rose from 6.67% to 6.70% as of December 3, 2025, according to Zillow. The average refinance rate on a 15-year option, however, declined from 5.67% to 5.56%, presenting a real, affordable opportunity for homeowners who are looking to reduce their interest costs and their repayment timeline at the same time.
While the conventional wisdom dictates that a refi is worth pursuing if you can secure a rate that's a full percentage point lower than your existing one, even a rate that's just half a percentage point lower may be advantageous. And if you have a rate over 6.56% now, a 15-year refinance easily surpasses both recommended thresholds. Just understand that a condensed repayment timeline will equate to bigger payments, so it's important to calculate your potential costs here before getting started with a formal application.
The bottom line
The average mortgage interest rate on a 30-year term as of December 3, 2025, is 5.99% and 5.37% for a 15-year option. The average refinance rate on a 30-year mortgage, meanwhile, is now 6.70% and just 5.56% for a 15-year term, which can be worth exploring for homeowners looking to both reduce their long-term interest costs and pay off their mortgage loan in a quicker fashion. Still, with rates here almost all under 6% now, it could be worth taking the time to explore your mortgage rate options again. By acting now, you may be able to lock in a new, lower rate heading into the new year.
