As of September 18, 2025, mortgage rates remain steady, even after the Federal Reserve cut interest rates for the first time in nearly a year. The 30-year fixed mortgage rate sits at 6.00%, signaling stability—but not a significant drop—for prospective buyers hoping for relief.
Current mortgage rates by loan type
Zillow Home Loans reports the following national averages:
- 30-Year Fixed: 6.000% (APR: 6.167%)
- 15-Year Fixed: 5.250% (APR: 5.549%)
- 20-Year Fixed: 5.625% (APR: 5.868%)
- 30-Year FHA: 5.625% (APR: 6.318%)
- 30-Year VA: 6.000% (APR: 6.276%)
All rates reflect offers with points, meaning buyers may pay closing costs to secure the advertised rate.
Example: The 30-year fixed rate of 6% comes with 1.768 points, or roughly $4,862 on a $275,000 loan.
Adjustable-rate mortgages (ARMs), including 7-year ARMs, are currently averaging 6%, aligning with fixed-rate trends.
Why rates aren’t falling—yet
The Fed’s quarter-point cut lowers the benchmark rate to 4%–4.25%, breaking a nine-month pause. But while this impacts short-term borrowing, mortgage rates follow long-term Treasury yields, which are more sensitive to inflation expectations.
Key drivers right now:
- Markets expected the Fed cut, so bond yields had already adjusted
- Inflation remains elevated at 2.9%, limiting how far rates can fall
- Unemployment is rising, prompting the Fed’s “risk management” approach
- Fed projects only two more rate cuts this year, less than markets hoped
“Consumers have already benefited from the drop in mortgage rates,” says Realtor.com Chief Economist Danielle Hale, “but there’s still risk of upward pressure if inflation heats up.”
Rate forecast: What’s next?
Most experts agree that rates are unlikely to drop significantly this fall, despite the Fed’s shift.
- Freddie Mac reported last week’s average rate at 6.35%, an 11-month low
- Weekly averages may dip again this Thursday, but only slightly
- Rates are still projected to stay above 6% through the end of 2025
“There are no risk-free paths,” Fed Chair Jerome Powell said. “We must keep our eye on both inflation and employment.”
Expert tips to get a lower rate
Even with averages above 6%, buyers can improve their odds of landing a better deal. According to Zillow:
- Boost your credit score: A higher score = lower rate offers
- Make a larger down payment: This reduces lender risk and improves your offer
- Keep your debt-to-income ratio low: Less debt helps you qualify for better terms
- Get a verified pre-approval: Shows sellers you’re serious and may lock in a better rate
- Use Zillow’s BuyAbility tool: It customizes estimates based on your income, credit, and location
Should you lock your rate now?
If you’re planning to buy or refinance in the next 30–60 days, experts recommend locking in now—especially with potential volatility ahead.
- September inflation data could push rates back up
- Bond markets remain jumpy, reacting to every economic signal
- Political uncertainty around the Fed’s independence may add more unpredictability
“Homebuyers hoping rates will drop further may be disappointed,” says BrightMLS Chief Economist Lisa Sturtevant.
What buyers need to know
With the 30-year fixed rate flat at 6%, and the Fed cautious about future cuts, this is a window of relative stability for borrowers. If you’re financially ready, now may be the time to move.
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