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%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

The current average mortgage rate on a 30-year fixed mortgage is 6.51%, compared to 6.72% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.

Mortgage rates haven’t been this low since mid-October 2024. However, some perspective is in order: For the past nine months, rates have moved in a narrow range. These declines aren’t like the sharp drops seen early in the pandemic, or the big jumps that came in 2022 and 2023, as the Federal Reserve aggressively boosted interest rates.