Any drop in mortgage rates is good news for homebuyers, but rates still remain high compared to a few years ago.

Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn’t directly impact today’s mortgage rates, they have been easing since the Fed began cutting rates in late 2024.

After swinging from a dramatic spring peak to a welcome summer low, mortgage rates are now holding steady—letting buyers potentially save hundreds each year.