Mortgage rates have seen little movement, with the average 30-year fixed rate at 6.24%, up two basis points from last week. The 15-year fixed rate is 5.49%, down one basis point. Purchase activity is on the rise, according to Freddie Mac’s Chief Economist, Sam Khater.

Current mortgage rates are as follows: 30-year fixed at 6.13%, 20-year fixed at 6.04%, 15-year fixed at 5.59%, 5/1 ARM at 6.47%, 7/1 ARM at 6.52%, 30-year VA at 5.77%, 15-year VA at 5.39%, and 5/1 VA at 5.56%.

Refinance interest rates are slightly higher than purchase rates. Today’s rates are: 30-year fixed at 6.27%, 20-year fixed at 6.11%, 15-year fixed at 5.75%, 5/1 ARM at 6.59%, 7/1 ARM at 7.01%, 30-year VA at 5.83%, 15-year VA at 5.79%, and 5/1 VA at 5.51%.

Mortgage interest rates are fees for borrowing money, expressed as a percentage. Fixed-rate mortgages lock in your rate for the loan term, while adjustable-rate mortgages change periodically. At the start of your mortgage term, most of your payment goes toward interest, shifting over time to the principal.

Factors affecting mortgage rates include controllable ones like comparing lenders and improving credit scores, and uncontrollable ones like the economy. Refinance rates are usually slightly higher than purchase rates due to market conditions.

Common mortgage terms include 30-year and 15-year fixed-rate mortgages, each with pros and cons. A 30-year mortgage offers lower monthly payments but higher interest over time, while a 15-year mortgage has lower interest payments overall but higher monthly payments.

Some banks with low median mortgage rates are Bank of America and Citibank, but shopping around for the best rate is recommended. A 2.75% mortgage rate is rare in today’s market, with the lowest ever recorded rate being 2.65% in January 2021.

Experts suggest refinancing when you can secure a rate 2% lower than your current one, though some say 1% is sufficient. Consider your financial goals and break-even point after paying closing costs before refinancing.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, November 13, 2025: Rates aren’t moving much