The average 30-year fixed rate mortgage is 6.3% today, a decrease of 0.09% since yesterday. The 15-year fixed mortgage rate stands at 5.23%, down by 0.1%. The 30-year FHA mortgage now averages 5.61%, having dropped by 0.08. Meanwhile, the 30-year jumbo mortgage rate is 6.58%, reflecting a decrease of 0.04%.
Mortgage Rates Hit Lowest Levels Since October 2024
Update: Mortgage News Daily shows an average 6.29% 30-year fixed rate, the lowest since October 3, 2024, after today's jobs report.
All eyes were on today's jobs numbers, which came in at a paltry 22,000 jobs created in August 2025, well below an expected 75,000.
The unemployment rate ticked up to 4.3%.
Upon the report, the 10-year U.S. Treasury yield, to which mortgage rates are closely tied, fell to levels not seen since Trump's tariff announcement deemed "Liberation Day" on April 2.
The markets are still absorbing the information, and lenders are establishing rate sheets. But today's jobs numbers could lead to the lowest mortgage rates since October 2024, and the lowest levels thus far in 2025.
It's hard to overstate the importance of this morning's August jobs report. The report could have a significant influence on the Federal Reserve's rate-setting committee for the rest of the year. Right now, the CME FedWatch tool puts the chances of a quarter-point rate cut in September at 97%.
But what's more interesting is that the same tool calls for a 70% chance of another quarter-point cut in October, then another in December.
That would leave the fed funds rate at a range of 3.5%-3.75% by the end of the year, a full 0.75% lower than it is today.
This could spur the market to finally start easing mortgage rates after more than three years where rates have predominantly hung out over 6.5%.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.3% | 6.33% | -0.09% | -0.22% |
| 15-Year Fixed | 5.23% | 5.28% | -0.1% | -0.27% |
| 30-Year Fixed FHA | 5.61% | 6.83% | -0.08% | -0.2% |
| 30-Year Fixed VA | 5.7% | 5.84% | -0.1% | -0.19% |
| 30-Year Fixed USDA | 5.64% | 5.78% | -0.02% | -0.15% |
| 30-Year Fixed Jumbo | 6.58% | 6.6% | -0.04% | -0.11% |
| 5/6 Year ARM | 6.3% | 6.33% | -0.07% | -0.21% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.38% | 6.41% | -0.07% | -0.2% |
| 15-Year Fixed | 5.22% | 5.26% | -0.12% | -0.28% |
| 30-Year Fixed FHA | 5.57% | 6.79% | -0.07% | -0.21% |
| 30-Year Fixed VA | 5.72% | 5.86% | -0.1% | -0.21% |
| 5/6 Year ARM | 6.28% | 6.31% | -0.16% | -0.3% |
Mortgage rates today
The MarketWatch economic calendar lists only the August jobs report as scheduled for release today. These reports, formally called employment situation reports, contain three headline figures:
- Nonfarm payrolls (jobs created that month) — Markets expected 75,000 and got 22,000, much lower than July's 73,000
- Unemployment rate — Markets expected 4.3% and got it. This was slightly higher than July's 4.2%
- Hourly wages — Markets expected a 0.3% rise, unchanged since July, and this was what it got.
Remember, better-than-expected numbers tend to push mortgage rates higher, while worse-than-expected ones usually drag them lower. As-forecast figures may leave them virtually unchanged.
Sometimes, markets begin by reacting to these headline figures but change their minds once they've had a chance to dig into the detailed supporting data.
Today's isn't the final word the Fed will hear before its September 17 meeting. Next Thursday brings the August consumer price index (CPI), which can rival the influence of jobs reports.
