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 average rate on a 30-year U.S. mortgage has fallen to its lowest level in four months, welcome news for prospective homebuyers who have been held back by stubbornly high home financing costs.

With refi rates dropping to their lowest level since March, homeowners with a pricey mortgage may have the opportunity to refinance to more affordable monthly payments.