Mortgage Rates Today, Nov 23: 30-Year Refinance Rate Drops by 9 Basis Points

Here's the good news for homeowners looking to refinance: the national average for a 30-year fixed refinance rate has dipped by 9 basis points, now sitting at 6.74% as of Sunday, November 23rd. This slight decrease offers a welcome bit of breathing room, especially when compared to last week's average of 6.83%. While it might not seem like a massive jump, these kinds of shifts can translate to real savings over the life of your loan, so it's definitely worth paying attention to. Let's dive a bit deeper into what these numbers mean for you.

Mortgage Rates Today, Nov 23: 30-Year Refinance Rate Drops by 9 Basis Points

Breaking Down Today's Refinance Rates

Zillow, a source I trust for current housing data, reported these key figures for November 23rd, 2025:

• 30-Year Fixed Refinance Rate: Stable at 6.74%
• 15-Year Fixed Refinance Rate: Stable at 5.80%
• 5-Year Adjustable-Rate Mortgage (ARM) Refinance Rate: Stable at 7.49%

When we look at these numbers, the 30-year fixed rate is the one that saw movement this week, dropping by those crucial 9 basis points. The 15-year fixed and 5-year ARM rates are holding steady. This tells me that while the longer-term, fixed-rate options are showing a little tenderness, the shorter-term and adjustable options are sticking to their guns for now.

Why does this matter? The 30-year fixed mortgage is still the most popular choice for many. Its sustained payments and predictable nature offer a sense of security. So, any movement, even this modest one, nudges the door open a little wider for those considering a refinance to potentially lower their monthly housing costs or adjust their loan term.

Beyond the Headlines: What This Means for Borrowers

It's easy to get caught up in the exact percentage point, but I think it's more helpful to think about the practical implications of today's rates.

• The 30-Year Fixed Sweet Spot: For many, the 6.74% rate on a 30-year refinance is still a competitive offer. If you secured a higher rate a year or two ago, and your financial situation hasn't changed drastically, this could be a good moment to explore if refinancing makes sense for you. I always advise my clients to look at the total cost savings over several years, not just the immediate monthly payment difference.
• The 15-Year Advantage: Notice the 5.80% rate for a 15-year fixed refinance. This is significantly lower than the 30-year. If you have the financial capacity to handle higher monthly payments, a 15-year loan can save you a substantial amount in interest over its lifetime and help you become mortgage-free much faster. It's a trade-off between monthly affordability and long-term savings.
• ARM Considerations: The 7.49% rate for a 5-year ARM is higher than the fixed options. ARMs typically start with a lower rate than fixed mortgages, but this isn't the case right now. This suggests that lenders are pricing in a greater risk or expectation for future rate increases. If you're considering an ARM, it's crucial to understand the potential for your payments to rise after the initial fixed period.

My Take: Should You Act Now?

From my perspective, the advice about acting sooner rather than later holds strong. Here's why:

• Locking in a Good Rate: Even a rate that’s just “okay” today could look great down the line if rates decide to creep back up. In my experience, hesitation often leads to missed opportunities in the mortgage market. If 6.74% or 5.80% fits your budget and provides tangible benefits, seriously consider locking in that rate.
• Refinance Again Later: The housing market is dynamic. If you refinance now at a decent rate, and rates do indeed fall further in 2026, you will likely have the option to refinance again. Think of it as securing a good deal now, with the door left open for an even better deal in the future. This can be a smart strategy to manage your mortgage costs over time.
• The Power of Shopping Around: This is non-negotiable in my book. Never take the first rate you're offered. Different lenders have different overheads, risk appetites, and pricing models. I’ve seen borrowers save thousands by simply getting rate quotes from at least three different sources. Don't be afraid to negotiate, especially if you have a strong credit score and a solid financial history.
• Boost Your Credit and Finances: Before you even apply, take a good look at your credit score and your loan balance. Improving your credit score can directly lead to a lower interest rate. Similarly, reducing your existing loan balance can make you a less risky borrower in the eyes of a lender. These steps can often unlock better terms than you might initially qualify for.

Outlook and Forecasts: What’s Next?

Predicting mortgage rates is like trying to forecast the weather – there are many factors at play, and things can change quickly. However, here's what I'm gathering from the experts and my own observations:

• The “New Normal” in the Mid-6% Range? Some analysts believe that mortgage rates will likely hover in the low-to-mid 6% range for the remainder of 2025. This suggests that the significant drops we saw earlier might stabilize, and we could be working with these kinds of numbers for a while. This stability, while not dramatic, is what many borrowers were hoping for after a period of volatility.
• The Fed's Influence (and Limitations): We've seen the Federal Reserve make a couple of rate cuts in late 2025. Normally, you'd expect mortgage rates to follow suit closely. However, they haven't always mirrored each other perfectly. Economic data, like employment reports, plays a huge role. A surprisingly weak jobs report could push the Fed to cut rates again in December, but it's far from a certainty. The market is always trying to price in these future moves, creating a bit of a guessing game.
• Longer-Term Trends: Looking further ahead, some sources suggest that after any current declines, there's a possibility of a long-term upward trend in rates. This isn't a prediction of immediate spikes, but rather an acknowledgment that the era of historically low, near-zero rates that we experienced during the pandemic is likely behind us due to underlying economic forces.
• No Return to 2-3% Rates: To be clear, based on current economic conditions, a return to the 2-3% mortgage rates seen during the pandemic is considered highly unlikely. The economic factors that fueled those record lows have shifted significantly.

Table: Comparing Loan Terms

Loan Term	Current Average Rate (Nov 23, 2025)	Key Benefit	Potential Drawback
30-Year Fixed Refinance	6.74%	Lower monthly payments, predictable	Pay more interest over the loan’s life
15-Year Fixed Refinance	5.80%	Significant interest savings, faster payoff	Higher monthly payments
5-Year ARM Refinance	7.49%	Can be lower than fixed if rates drop later	Payments can increase significantly after 5 years

My Final Thoughts

Navigating mortgage rates can feel like a puzzle, but the key is to stay informed and act strategically. Today's 9 basis point drop in the 30-year fixed refinance rate is a positive signal, offering a potential opportunity for savings. My advice remains consistent: if a refinance aligns with your financial goals and offers a tangible benefit, explore it thoroughly. Shop around, improve your credit if possible, and consider locking in a rate that feels right for your budget. The market is always moving, and being prepared is your best strategy.