Mortgage and Refinance Rates Update – October 8, 2025

Mortgage and Refinance Rates Update – October 8, 2025

The average 30-year fixed mortgage rate continues its gradual decline, dropping one basis point to 6.26% according to Zillow’s latest data. This movement marks the second consecutive day of decreases, while rates for other loan terms have shifted both up and down.

Current Mortgage Rates

Here are today’s national average mortgage rates:

Please note that these are national averages and rates in Los Angeles or other locations may vary.

Today’s Refinance Rates

Here are today’s national average mortgage refinance rates:

Refinance rates are generally a bit higher than purchase rates, though this is not always the case.

Understanding Fixed and Adjustable Mortgages

30-Year Fixed: This popular loan offers lower, predictable monthly payments since your rate doesn’t change each year. It’s ideal for homebuyers who plan to stay long-term and want certainty in their monthly outlay. However, the longer term means you’ll pay more in interest both due to the higher rate and the extended repayment period.

15-Year Fixed: While monthly payments are higher, 15-year fixed mortgages come with lower rates and substantially less interest paid over the lifecycle of your loan. You’ll pay off your home in half the time, making this a great option for those who can comfortably afford the payments.

Adjustable Rate Mortgages (ARM): ARMs start with a fixed introductory rate (such as five years for a 5/1 ARM), followed by regular rate adjustments. The initial rate is often lower than the average 30-year fixed, but rate changes after the intro period introduce unpredictability. This type may work best for buyers planning to move or refinance before the rate adjusts.

Los Angeles Real Estate Tips

• Actual rates may differ for Los Angeles buyers based on loan amount, down payment, credit score, and local market conditions.

• Use the mortgage calculator on this website to model monthly payments, including extras like insurance, property taxes, and HOA fees.

• Improving your credit score and lowering your debt-to-income ratio can help secure the lowest possible rate.

Frequently Asked Questions

• The current national average for a 30-year fixed mortgage is 6.26%.

• Mortgage rates are stable, with experts expecting little movement over the coming months despite the Federal Reserve’s recent short-term rate cut.

• Securing the lowest refinance rate involves improving your credit profile and considering a shorter loan term, which typically offers a better rate but higher payments.

For personalized advice or mortgage questions, contact us today!