Current mortgage rates are down today and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate until now.

The current average mortgage rate on a 30-year fixed mortgage is 6.15%, the same as a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.

"If the Fed doesn't meet in November, I expect mortgage rates to drift with the bond market … modest day-to-day moves, not big swings," says Steven Glick, director of mortgage sales at real estate investment fintech company HomeAbroad.

The average rate on the 30-year fixed mortgage fell this week to 6.17%, according to the latest Freddie Mac data released on Thursday. That is down from last week's reading of 6.19%.

The average rate on a 30-year U.S. mortgage fell for the fourth week in a row to its lowest level in more than a year.

The Federal Reserve announced a 25-basis-point cut to the federal funds rate at the conclusion of its meeting on Wednesday, Oct. 29. The bankers had shifted into rate-cutting mode back in September with a crop of the same size. A basis point is one one-hundredth of a percentage point, so today’s trim amounts to a quarter of a percentage point.

Mortgage rates are already at their lowest levels in over a year, so it remains to be seen whether the Federal Reserve's October rate cut will drive rates lower – or if the rate cut was already priced in.