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5m ago

Mortgage Rates Tick Up to 6.30% After Fed Cut as Refi Interest Builds

Investor repricing of Fed guidance lifted the 30-year average to 6.30%, leaving costs near 11-month lows.

Mortgage rates are displayed at a credit union in Wheeling, Ill., Tuesday, Sept. 23, 2025. (AP Photo/Nam Y. Huh)
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Overview

  • Freddie Mac reports the 30-year fixed average at 6.30% for the week ending Sept. 25, up from 6.26% after a four-week decline, with the 15-year at 5.49%.
  • The Federal Reserve lowered its benchmark rate by 25 basis points last week, yet mortgage pricing continues to track the 10-year Treasury and forward-looking expectations rather than moving one-for-one with Fed actions.
  • Refinancing momentum has strengthened, with the MBA showing the refi index up 80% from four weeks earlier and applications up 1% week over week, while Freddie Mac cites purchase and refinance applications up 18% and 42% year over year.
  • Recent rate levels are delivering tangible savings for borrowers, such as about $150 per month on a $250,000 loan and roughly $240 per month on a $400,000 loan versus January’s 7.04% average.
  • Realtor.com expects metros with a high share of mortgaged households—Washington, D.C., Denver, Virginia Beach and Raleigh—to respond more strongly than markets with many outright owners such as Miami, Buffalo and Pittsburgh.