Mortgage rates have dropped, with the 30-year fixed rate at 6.15% and the 15-year fixed rate at 5.48%. The rates are national averages and rounded to the nearest hundredth. Refinance rates are slightly higher than purchase rates. A mortgage calculator can help estimate monthly payments, considering factors like property taxes and insurance.

Comparing 15-year and 30-year mortgage rates, the shorter term saves money on interest in the long run but leads to higher monthly payments. For a $400,000 mortgage at 6.15%, a 30-year term results in $477,289 interest paid, while a 15-year term at 5.48% amounts to $187,536 in interest.

Fixed-rate mortgages lock in a rate from day one, while adjustable-rate mortgages offer a set rate for an initial period before potentially changing. Economists predict modest mortgage rate changes until the end of 2025, with Wall Street expecting two more rate cuts this year. National average rates vary for home purchases and refinances.

Mortgage rates are unlikely to fluctuate significantly by the end of 2025. Any potential decreases in 2026 will depend on economic conditions and Federal Reserve decisions. Verify the rates in your state or city, as personal finances also impact the rate you receive.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, October 21, 2025: A small move lower