What are today's mortgage interest rates: December 23, 2025?
The final week of 2025 could be a good one for prospective homebuyers and current homeowners considering a refinance. Overall, mortgage rates have pulled back considerably from the highs seen in late 2023 and early 2024. And, the Federal Reserve's most recent benchmark rate cut, conducted on December 10, marked the third consecutive cut since September. That, in turn, helped to create a more favorable borrowing environment overall. However, the path for mortgage rates isn't always linear, and numerous factors impact mortgage rates.
Still, the broader trend has been encouraging over the last year. Mortgage rates that hovered near or above 7% at various points over the past two years have gradually declined, offering buyers and refinancers opportunities that seemed out of reach just months ago. And, with inflation showing further signs of cooling, many experts believe the mortgage rate environment heading into 2026 could remain relatively favorable. The question is, though, whether rates will continue their descent or stabilize at current levels.
After all, the same data that moves rates lower today can just as easily reverse them tomorrow. That's why even modest dips in mortgage rates are getting attention right now. So, where do mortgage rates stand today? We'll break down today's purchase and refinance averages below so you can gauge whether it's time to lock in a loan.
Find out how low your mortgage loan rate could be today.
What are today's mortgage interest rates?
The average 30-year fixed mortgage loan interest rate stands at 5.99% as of December 23, 2025, according to Zillow, while the average 15-year fixed mortgage rate is 5.38% currently. These levels represent a notable improvement from early 2025, when rates hovered well above 6% and the outlook for buyers was markedly less optimistic.
For many borrowers, the return of sub-6% mortgage rates is an important milestone. Affordability hasn't fully recovered — home prices remain elevated in many markets — but lower rates help stretch buying power further than at any point in recent memory. Meanwhile, 15-year loans remain the value play for borrowers who want to build equity faster and save tens of thousands in interest over the life of their loan. At 5.38%, this shorter-term option offers a relatively low entry point compared to what many homeowners locked in earlier this year.
And these are just averages. Well-qualified borrowers, meaning those with excellent credit, steady income and a healthy down payment, may find slightly better rates when shopping around. Even a slight difference in rates can shave a meaningful amount off of your monthly payment, especially over long amortization periods. As a result, comparing offers from multiple lenders is one of the simplest ways to maximize your savings.
Compare your mortgage loan offers and lock in a rate now.
What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year mortgage is 6.65% as of December 23, 2025, according to Zillow. The average refi rate on a 15-year term sits at 5.77%. As is typically the case, refinance rates run slightly higher than purchase rates, though the spread between them remains relatively modest in today's market.
Still, today's averages may present a useful window for a specific slice of homeowners. If you locked in a mortgage at 7% or higher over the last two years, refinancing into a rate in the mid-6% range could produce meaningful monthly savings, especially if you plan to stay in your home long enough to recoup closing costs. And, a 15-year refinance could be even more appealing, provided that the higher payment aligns with your budget. At 5.77%, qualified borrowers who meet the commonly recommended 0.50% to 1% rate-drop threshold may be in a position to benefit.
A refinance isn't just about chasing a lower rate, though. It's also an opportunity to switch loan types, drop private mortgage insurance or shorten your loan term. And, given how much rate movement we've seen this fall, it's worth running the numbers now, even if you're unsure whether a refinance is the right choice. A lender can provide an updated estimate tailored to your balance, credit profile and goals.
The bottom line
The average mortgage interest rate on a 30-year mortgage is 5.99% as of December 23, 2025, with 15-year options averaging 5.38%. Refinance rates come in at 6.65% for 30-year terms and 5.77% for 15-year options. These rates represent an improvement from much of 2024 and early 2025, giving both buyers and current homeowners realistic opportunities to explore.
As the year winds down, borrowers who find rates that fit their financial picture may want to move forward rather than waiting to see what 2026 brings. The mortgage market remains subject to economic shifts and policy changes, after all, and rates that seem appealing today could look different in a matter of weeks.
