Today’s Mortgage Rates, November 23: Rates Hold Steady Across All Loan Types

As of November 23, 2025, if you're looking for a mortgage rate, you'll find they're largely holding steady. That's right, today's mortgage rates are still in a bit of a holding pattern, showing only small ups and downs from day to day. According to the latest data from Zillow, the average 30-year fixed mortgage rate is sitting at 6.11%, and for a 15-year fixed rate, it's 5.62%.

This lack of movement isn't exactly thrilling, as neither the latest economic news nor any comments from the Federal Reserve have given us a clear signal to push rates significantly higher or lower. For anyone dreaming of homeownership or thinking about refinancing, this period feels more like waiting for a green light than driving at full speed.

Today's Mortgage Rates, November 23: Stuck in Neutral, But What Does That Mean for You?

A Closer Look at Today's Numbers

It’s always helpful to see the specifics, so let's break down what Zillow is reporting for both buying and refinancing today, November 23rd, 2025.

Current Mortgage Rates (for Purchasing a Home):

Loan Type	Average Rate
30-year fixed	6.11%
20-year fixed	5.94%
15-year fixed	5.62%
5/1 ARM	6.17%
7/1 ARM	6.08%
30-year VA	5.58%
15-year VA	5.33%
5/1 VA	5.32%

Please remember, these are national averages and have been rounded. Your actual rate could be different based on your credit score, loan amount, and other factors.

Current Mortgage Refinance Rates:

Loan Type	Average Rate
30-year fixed	6.28%
20-year fixed	6.19%
15-year fixed	5.73%
5/1 ARM	6.40%
7/1 ARM	6.43%
30-year VA	5.64%
15-year VA	5.30%
5/1 VA	5.35%

Fixed vs. Adjustable: What the Difference Tells Us Today

Looking at the numbers, you might notice something interesting. For buying a home, the 5/1 ARM (Adjustable-Rate Mortgage) is actually priced slightly higher than the 30-year fixed rate (6.17% vs. 6.11%). This is a bit counterintuitive at first glance, as ARMs are often seen as the cheaper option upfront.

What this tells me, based on my experience in the market, is that lenders are anticipating some potential movement in interest rates down the line. When ARM rates are priced higher than fixed rates like this, it suggests that the market expects rates to stabilize or even decrease in the future. Lenders are essentially baking in a small premium for the risk that rates might go up after the initial fixed period of an ARM. For borrowers, while the immediate monthly payment on an ARM might not be a clear victory today, it’s worth considering if you plan to move or refinance before the fixed period ends.

Why Refinance Rates Are Slightly Higher Than Purchase Rates

Have you noticed that the average 30-year fixed refinance rate is 6.28%, while the purchase rate is 6.11%? That's a noticeable difference, and it's not uncommon. There are a few reasons for this gap.

• Lender Risk: When you refinance, you're already a homeowner, and the lender is essentially taking on the risk of dealing with an existing loan. Sometimes, lenders price refinance loans a little higher to account for the administrative work involved and any potential fluctuations in property value or borrower circumstances.
• Loan Size and Borrower Behavior: Refinance borrowers might on average be looking for larger loan amounts, or perhaps lenders perceive them as more likely to shop around aggressively for the best deal compared to a first-time homebuyer who might be more focused on securing a home. This can influence pricing.
• Market Competition: The refinance market can be extremely competitive. While you might think this would drive prices down, sometimes lenders will strategically price certain products to attract a specific segment of borrowers, leading to these rate discrepancies.

For those considering a refinance, it’s a good reminder to be diligent. That small difference in rate can add up over the life of a loan, so getting multiple quotes and understanding all the fees is crucial.

The VA Loan Advantage: A Sweet Deal for Our Veterans

One of the most consistent bright spots in the mortgage market, especially lately, has been VA loans. As you can see from the tables, VA loan rates are consistently lower across the board compared to conventional loans. For instance, a 30-year fixed VA loan is currently at 5.58%, significantly better than the conventional 6.11%.

This is no accident. The Department of Veterans Affairs guarantees a portion of these loans, which dramatically reduces the risk for lenders. This allows them to offer more favorable terms, including lower interest rates and often no private mortgage insurance (PMI).

For eligible veterans and service members, this is a fantastic opportunity. Even in a market where rates are a bit stagnant, the VA loan advantage provides a substantial cost saving. If you're a veteran who owns or is looking to buy a home, I'd strongly encourage you to explore VA loan options. It could mean thousands of dollars saved over the loan's lifetime.

What Does This Mean for You?

The current “holding pattern” for today's mortgage rates on November 23rd, 2025, presents a mixed bag.

• For Buyers: If you're looking to purchase, the rates are stable. While not the super-low rates of some past years, they are holding steady, which can provide some predictability. The slight premium on ARMs suggests caution if you're considering one. It’s a good time to compare fixed-rate options and see where you can get the best deal. Don't forget to factor in closing costs and lender fees!
• For Refinancers: The slightly higher refinance rates mean you need to do your homework. Calculate your break-even point carefully. If you can find a lender offering a rate closer to the purchase rates, or if you have a very specific goal (like shortening your loan term or tapping into equity), it might still make sense. However, for many, waiting for refinance rates to align more closely with purchase rates might be a better strategy.
• For Veterans: As mentioned, the VA loan is offering a remarkable advantage. If you qualify, take full advantage of these lower rates. It’s a well-deserved benefit.

My personal take? While boredom might be setting in financially with these steady rates, it's actually a great time to be a borrower who is prepared. Lenders are still competing, and economic uncertainty means that stable rates, even if not dramatically falling, can offer some peace of mind. The key is to understand your own financial situation, your goals, and to shop around relentlessly. Don't be afraid to negotiate, and always read the fine print.

The market might be stuck in neutral for now, but that doesn't mean you have to be. Stay informed, do your research, and make the move that's right for you.