The average rate for a 15-year fixed mortgage is 5.99%, which is a decrease of -0.06% from the same time last week. You could get a lower mortgage interest rate by making a higher down payment, improving your credit score or buying mortgage points.

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.

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, down just barely from 6.75% last week.