Today’s Mortgage Rates – October 13, 2025: 30-Yr FRM Ticks Up to 6.55%, Refi Rates Drop

As of today, October 13, 2025, national 30-year fixed mortgage rates have nudged upward to 6.55%, a slight increase from yesterday’s 6.41%, according to Zillow’s latest report. This movement signifies a subtle but important shift in the cost of borrowing for aspiring homeowners and those looking to refinance. While rates haven’t dramatically spiked, this upward tick is a reminder that mortgage rates are influenced by a complex interplay of economic factors, and now is the time to understand what’s driving them.

Today's Mortgage Rates – October 13, 2025: 30-Yr FRM Ticks Up to 6.55%, Refi Rates Drop

Key Takeaways

• 30-Year Fixed Rates Rising: The average 30-year fixed mortgage rate is now at 6.55%, up from 6.41% on October 12th.
• Weekly Trend: This rate is also higher than the previous week’s average of 6.46%.
• 15-Year Fixed Rates Also Up: The 15-year fixed mortgage rate saw a smaller increase, moving to 5.71% from 5.66%.
• Jumbo Loans and ARMs: Adjustable-Rate Mortgages (ARMs), especially the 5-year option, are seeing more significant jumps, with the 5-year ARM now at 7.23%.
• Refinance Rates Soaring Downwards: In a stark contrast, refinance rates have seen a dramatic drop. The 30-year fixed refinance rate is down to 6.43%.

Understanding Today's Mortgage Rate Movements

It’s easy to get caught up in the daily fluctuations of mortgage rates. I’ve been following this market for a while, and what I see today is a market reacting to several key economic signals. We’re not just looking at one number; it’s a dynamic situation.

The 30-year fixed mortgage rate climbing to 6.55% from 6.41% might seem small, but it’s a noticeable change, especially when you’re talking about the largest loan most people will ever take out. This increase, while modest week-over-week, shows that the market is a bit sensitive right now.

On the flip side, the news for those looking to refinance is quite different. Zillow’s data shows a significant plunge in 30-year fixed refinance rates, down to 6.43%. This is a substantial drop of 53 basis points and highlights a divergence in rates for new purchases versus those looking to improve their existing loan terms. It appears lenders are more eager to capture refinance business with more attractive terms.

Dissecting the Data: Purchase vs. Refinance

Let's break down the numbers from Zillow as of October 13, 2025:

For New Home Purchases:

Program	Rate	1W Change	APR	1W Change
30-Year Fixed	6.55%	Up 0.09%	7.07%	Up 0.17%
20-Year Fixed	6.55%	0.00%	6.95%	0.00%
15-Year Fixed	5.71%	Up 0.06%	6.06%	Up 0.12%
10-Year Fixed	5.84%	0.00%	6.23%	0.00%
5-Year ARM	7.23%	Up 0.19%	7.93%	Up 0.27%
7-Year ARM	7.66%	Up 0.24%	8.32%	Up 0.53%

Note: Data from Zillow as of October 13, 2025. 1W Change refers to the change from the previous week.

For Refinancing:

Program	Rate	1W Change	APR	1W Change
30-Year Fixed	6.43%	Down 0.53%	—	—
15-Year Fixed	5.34%	Down 0.55%	—	—
5-Year ARM	6.53%	Down 1.04%	—	—

Note: Data from Zillow as of October 13, 2025. APR data not provided for all refinance options in the source.

The difference in the 30-year fixed refinance rate at 6.43% compared to the purchase rate of 6.55% is significant. This gap suggests that lenders are actively trying to attract homeowners looking to lower their monthly payments. If you’ve been thinking about refinancing, now might be a very opportune time to explore those options.

Government Loans: A Different Story

Government-backed loans, like FHA and VA loans, often have different rate structures. For those who qualify, these can offer more favorable terms, especially for borrowers with less-than-perfect credit or those seeking reduced down payments.

Government Loans Snapshot:

Program	Rate	1W Change	APR	1W Change
30-Year Fixed FHA	5.63%	Down 0.58%	6.63%	Down 0.59%
30-Year Fixed VA	6.08%	Up 0.04%	6.30%	Up 0.05%
15-Year Fixed FHA	5.25%	Down 0.16%	6.21%	Down 0.17%
15-Year Fixed VA	5.80%	Up 0.07%	6.16%	Up 0.07%

It's interesting to see the FHA rates actually decreasing significantly, with the 30-year fixed FHA falling by 0.58%. This could be due to specific market dynamics or adjustments in how these loans are priced. However, VA loans, while still competitive, saw minor increases.

The Federal Reserve's Influence: A Mid-October Outlook

To truly understand today’s mortgage rates, we need to look at the bigger picture, and that inevitably leads us to the Federal Reserve. As the provided information notes, the Fed made its first rate cut of 2025 back on September 17th, bringing the benchmark rate down by a quarter percentage point. This was a significant move, especially coming after a pause.

The Fed is in a delicate balancing act. They’re trying to bring inflation, currently at 2.9% year-over-year for the core PCE price index, down to their 2% target. At the same time, the economy has shown resilience with strong GDP growth in Q2, but the labor market is softening, with unemployment ticking up to 4.3%. It's a classic mixed bag, and their decisions reflect this uncertainty.

The Treasury Yield Connection:

The Fed’s actions directly impact mortgage rates, primarily through the 10-year U.S. Treasury yield. This yield acts as a benchmark for 30-year fixed mortgages. When the Fed cuts rates, it typically puts downward pressure on Treasury yields. As of mid-October 2025, the 10-year Treasury yield is hovering around 4.12%, which is below its long-term average.

Here’s how it works:

1. Benchmark: Lenders use the 10-year Treasury yield as a starting point because both have similar durations.
2. Investor Demand: Mortgage-backed securities need to offer competitive returns to attract investors, who also have safer options like Treasury bonds.
3. The Spread: Mortgage rates usually sit about 1% to 2% higher than the 10-year yield. This difference, or “spread,” covers the added risk of mortgages. Currently, this spread is still a bit wider than usual, meaning that even though Treasury yields have come down, mortgage rates haven't fallen as much as they could have.

What This Means: The stabilization of the 10-year Treasury yield around 4.12% following the Fed cut suggests that markets have absorbed the initial news. While mortgage rates are down from their absolute peaks, that wider spread is still holding them back from falling more dramatically. The Fed has signaled potential for two more cuts by the end of 2025. If those happen and the spread narrows, we could see more significant relief for borrowers.

The Housing Market Outlook

For buyers, the current rate environment is certainly more favorable than it was at the height of 2024's interest rates. However, the persistent challenge of high home prices is still a hurdle, especially for those trying to get into the market for the first time. The slight increase in purchase rates today, while not drastic, emphasizes the need for buyers to be ready to act decisively.

For sellers, the situation is also evolving. More homeowners who might have been “rate-locked” into lower mortgages in previous years might feel more inclined to explore selling now, potentially increasing inventory. This could be good news for buyers looking for more choices.

In my opinion, the market is moving towards increased transaction activity. However, in many desirable areas, the fundamental imbalance between supply and demand means that price increases might persist, even with higher rates.

What's Next on the Horizon?

The future direction of mortgage rates will depend heavily on upcoming economic data. Here are the key factors I'll be watching:

• Inflation Data: Is it consistently moving towards that 2% target?
• Labor Market Trends: Is unemployment continuing to rise, or is it stabilizing?
• Economic Growth: Can the economy continue to grow without reigniting inflation?
• Spread Normalization: Will the gap between Treasury yields and mortgage rates begin to shrink?

The Fed’s stance is cautious, and my sense is that we’ll see gradual adjustments rather than sudden, dramatic shifts. They’re being deliberate, and their decisions at the upcoming November and December meetings will be critical.

Why This Matters to You

• Current Buyers: While today's purchase rates are slightly up, the overall environment has improved from the peaks of last year. The potential for more inventory could be a significant factor. It’s about finding the right home and securing a competitive rate.
• Refinancing Candidates: If your current mortgage rate is above 6.5%, I strongly advise you to explore refinancing options. The dramatic drop in refinance rates presents a real opportunity to save money. Don't miss out on these current opportunities.
• Market Observers: The message from the Fed is clear: changes will be data-dependent. This emphasizes stability with cautious optimism, rather than rapid swings in either direction that we saw last year.

The Bottom Line

As of October 13, 2025, the mortgage market is navigating a new course set by the Federal Reserve’s recent rate cut. While today’s purchase rates have nudged up to 6.55%, the significant drop in refinance rates to 6.43% presents a compelling opportunity for homeowners. The path forward for all mortgage rates will be shaped by incoming economic data, and my expert opinion is that while we've seen improvement, substantial further declines are contingent on both continued Fed action and a narrowing of the mortgage-Treasury spread. Stay informed, and be ready to act when the numbers align with your goals.