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If you’re a borrower who thought the holiday season would cause a lull in the mortgage rate climate, think again. Not only have mortgage interest rates been gradually but noticeably declining all year long, but they’re set to potentially fall again this week, timed to the Federal Reserve’s final 2025 meeting and what is widely expected to be another interest rate cut.
While that cut is only expected to be in another 25 basis point amount, every little bit here helps. After cuts were issued in September and October for the same increments, mortgage interest rates subsequently fell to and remained near3-year lows. So, while rates may decline again this week, they could already be low enough to justify taking action. And the timing of your application here matters, as waiting could result in increased competition for still-limited inventory.
But what are today’s mortgage interest rates, as of December 8, 2025? Below, we’ll detail everything you need to know to determine your next move.
See how low your current mortgage rate offers are here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year term remained at 5.99% as of December 8, 2025, according to Zillow. That’s mostly where it’s sat in recent weeks as lenders eagerly await the Fed’s next move to justify additional movement. The average mortgage rate on a 15-year term is also unchanged from last week, remaining at 5.37% for those buyers who want to have an expedited payoff. But while these rates are exactly what they’ve been in recent days, they’re also just averages.
That means if you shop around online for rates and lenders, you may be able to find an even better deal. Different lenders respond to Fed rate cuts differently and not always on the same timeline. So, if you’re considering a purchase now, it makes sense to start shopping around to see what’s actually available.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate as of December 8 was up by more than 20 basis points from the week prior, coming in at 6.83%, according to Zillow. The average mortgage refinance rate for a 15-year term was just 5.65%. While the 30-year refi rate is only advantageous for a relatively small group of homeowners now, the 15-year one can be more cost-effective for those owners who don’t mind larger monthly payments in exchange for significant interest savings and a closer end date for their mortgage term.
Take the time, then, to crunch the numbers here. The difference between what you’re paying on a 30-year term at a much higher rate and what’s available with a 15-year term may not be as stark as it seems on paper.
The bottom line
The average mortgage interest rate for a 30-year term is 5.99% as of December 8, 2025, and 5.37% for a 15-year option. The median rate for a 30-year refinance term is now 6.83% and 5.65% for a 15-year alternative. While these rates are not nearly as low as they were at the start of the decade, they’re still materially lower than what most buyers and owners were offered in recent years. With multiple options to explore under 6% now, then, it may be time to reconsider your purchase or refinancing plans.