These are today's mortgage and refinance rates. Mortgage rates have increased this month, but they're still expected to go down throughout 2025.

Most outstanding mortgages have a 6% or lower rate, which creates a " lock-in effect " for many current owners who don't want to swap a low rate for a higher one. This could limit homeowners’ willingness to sell, slowing or stalling the housing market.

As of Oct. 18, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.63%, which is 0.13 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.88%, which is also 0.13 percentage points higher than yesterday.

Rates on 30-year mortgages have wavered in a narrow range for more than a week, well above last month's sub-6% low. Rates for most loan types dipped Tuesday.

What’s wrong with this picture,” prospective homebuyers may be asking. The Federal Reserve cut interest rates by .50% but mortgage rates have risen for th