Today’s Mortgage Rates – September 10, 2025: Purchase Rates Drop, Refi Rates Slightly Up

Mortgage rates today, September 10, 2025, have generally dropped compared to last week, with the national average 30-year fixed mortgage rate sitting at 6.44%, down from 6.50% the previous week, according to Zillow. Refinancing rates, however, show slight increases, with the 30-year fixed refinance rate rising from 6.63% to 6.71%.

This mixed movement is largely influenced by the market anticipation of a Federal Reserve rate cut later this month, cooling labor market indicators, and declining Treasury yields. Overall, the trend leans towards lower purchase mortgage rates, offering hopeful opportunities for homebuyers and some relief for potential refinancers.

Today's Mortgage Rates – September 10, 2025: Purchase Rates Drop, Refi Rates Slightly Up

Key Takeaways

• 30-year fixed mortgage rates declined to 6.44%, down 6 basis points from last week.
• 15-year fixed and 5-year ARM mortgage rates also decreased slightly.
• Refinance rates showed modest increases, with the 30-year fixed refinance rate at 6.71%.
• Market expects a Federal Reserve rate cut in mid-September 2025, influencing current rates.
• Cooling job growth and rising unemployment contribute to rate declines.
• Declining 10-year Treasury yields directly impact mortgage rates downward.
• Experts forecast mortgage rates staying above 6% through 2025, with potential further dips in 2026.

Current Mortgage Rates Overview: Purchase Loans

Mortgage rates show slight but meaningful shifts depending on the loan type. Below is a summary of the key conforming and government loan purchase mortgage rates reported by Zillow as of September 10, 2025:

Loan Type	Current Rate	Weekly Change	APR	Weekly APR Change
30-Year Fixed	6.44%	↓0.05%	6.93%	0.00%
20-Year Fixed	6.25%	↑0.13%	6.69%	↑0.19%
15-Year Fixed	5.44%	↓0.12%	5.77%	↓0.07%
10-Year Fixed	5.79%	0.00%	6.09%	0.00%
7-Year ARM	6.38%	↓0.55%	7.43%	↓0.23%
5-Year ARM	6.88%	↑0.12%	7.69%	↑0.14%

Government Loans:

Loan Type	Current Rate	Weekly Change	APR	Weekly APR Change
30-Year FHA Fixed	5.70%	↓0.18%	6.71%	↓0.18%
30-Year VA Fixed	5.92%	↓0.03%	6.13%	↓0.02%
15-Year FHA Fixed	5.19%	↓0.18%	6.15%	↓0.19%
15-Year VA Fixed	5.82%	↑0.24%	6.17%	↑0.27%

Refinance Rates: Current Trends and Changes

While purchase mortgage rates are declining modestly, refinance rates tell a slightly different story. The most current data for refinance mortgage rates on September 10, 2025, shows slight upticks in most categories.

Refinance Program	Current Rate	Weekly Change
30-Year Fixed Refinance	6.71%	↑0.08% (up 8 bps)
15-Year Fixed Refinance	5.45%	↑0.07% (up 7 bps)
5-Year ARM Refinance	7.25%	↑0.22% (up 22 bps)

This divergence where purchase rates decrease while refinance rates rise may reflect tighter conditions or increased risk premiums in the refinance market, along with varying borrower profiles.

Why Are Mortgage Rates Falling and Refinances Increasing?

There are multiple factors in play affecting today's mortgage and refinance rates. Here is how they interconnect:

1. Federal Reserve's Anticipated Rate Cut

Markets currently expect the Federal Reserve to cut its benchmark interest rate by 25 basis points at the September 16-17 meeting. This expectation has resulted in:

• Mortgage lenders lowering rates preemptively as rate cuts typically push mortgage rates down.
• Increased buying activity as potential borrowers anticipate more affordable financing.

2. Signs of a Cooling Economy

Recent economic reports depict a slowing job market:

• August 2025 unemployment rose slightly to 4.3% from 4.2% in July.
• Only 22,000 new jobs were added, signaling softer economic growth.

A cooling labor market reduces inflationary pressures, allowing the Fed to consider easing monetary policy. This contributes to:

• Lower mortgage rates as inflation expectations soften.
• Increased refinancing activity as homeowners seek to capitalize on better rates.

3. Declining Treasury Yields

Mortgage rates closely follow the 10-year U.S. Treasury yield, which has dropped to about 4.08% as of early September 2025. This decline stems from:

• Investors moving funds to safer assets amid economic uncertainty.
• Lower Treasury yields pull mortgage rates down due to their bond-market linkage.

Combined, these factors have pushed the 30-year fixed mortgage rate to its lowest mark in nearly a year.

Detailed Rate Trends Over 2025

Mortgage rates have fluctuated significantly through 2025:

• Rates hovered mostly between 6.6% and 6.8% in the first half of 2025.
• Economic data weakening in mid-2025 triggered a gradual decline, seen in the recent 6.44% reading.
• Refinancing share of mortgage applications hit nearly 47%—the highest since October 2024—indicating growing homeowner interest in locking lower rates.

Mortgage Rate Historical Snapshot in 2025 (Selected Dates)

Date	30-Year Fixed Rate	30-Year Refi Rate
January 2025	~6.70%	~6.95%
March 2025	~6.75%	~7.00%
July 2025	6.68%	6.75%
September 10	6.44%	6.71%

Expert Forecasts for Mortgage Rates

The future path of mortgage rates is carefully tracked by experts using economic data and Fed signals:

Source	2025 Forecast	2026 Forecast
National Association of REALTORS®	Average 6.4%, dipping to 6.1%	Further easing to 6.1% expected
Realtor.com	Slow easing, settling around 6.4% by year-end	Continuing slow decline
Fannie Mae	Ends 2025 at 6.5%, drops to 6.1% in 2026	Same forecast with mild upward revision
Mortgage Bankers Association (MBA)	6.7% by end 2025, declining to 6.5% in 2026	Expects volatility but gradual decline

Their consensus shows mortgage rates likely to remain above 6% during 2025 but gradually trend lower in 2026 as economic conditions evolve.

Impact of the Federal Reserve’s Monetary Policy

The Federal Reserve’s influence on mortgage rates can’t be overstated:

• After a cycle of rate hikes through 2022-2023, the Fed cut rates thrice in late 2024, followed by a pause in early and mid-2025.
• The current September meeting is widely expected to cut rates again due to a softer economy.
• The Fed's policy affects short-term rates directly, and mortgage rates indirectly, through market expectations and Treasury yields.

The possibility of further rate cuts in December 2025 and into 2026 creates a backdrop for mortgage rates to continue downward pressure, albeit slowly.

How Today’s Rates Affect Buyers and Refinancers

Here’s how these rate movements play out practically:

• Homebuyers benefit as purchase rates drop toward more manageable levels, improving affordability slightly.
• Current homeowners with older, higher-rate loans may find refinancing attractive, especially if their current rate exceeds 7%.
• Although refinance rates have risen slightly this week, the general downward pressure on mortgage rates since summer 2025 creates a more supportive environment for refinancing compared to earlier months.

Example Monthly Payment Calculation Change

Consider a $300,000 mortgage on a 30-year fixed loan:

Interest Rate	Monthly Principal & Interest Payment
6.50% (Last week)	$1,896
6.44% (Today)	$1,890

Difference: $6 less per month, which, while small, adds up over the life of a loan and signals a trend toward easing rates.

Tables Summarizing Key Data — September 10, 2025

Loan Type	Purchase Rate	Weekly Change	Refinance Rate	Weekly Change
30-Year Fixed	6.44%	↓0.06%	6.71%	↑0.08%
15-Year Fixed	5.44%	↓0.05%	5.45%	↑0.07%
5-Year ARM	6.88%	↓0.04%	7.25%	↑0.22%

Final Thoughts on Mortgage Rates Today

Today's mortgage rates reflect a market adjusting to economic realities of slower job growth and inflation easing, alongside the strong likelihood of a Fed rate cut. Homebuyers can feel a bit more optimistic as purchase rates have edged lower, making homeownership slightly more attainable. Refinancers, meanwhile, see a mixed picture but are starting to find better windows to lower their borrowing costs.

This snapshot of September 10, 2025, indicates a turning point where market optimism meets cautious stabilization. While rates remain elevated compared to the ultra-low environment earlier in the decade, the pressing trend is toward moderate easing, which could gradually ease the housing market stresses many Americans face.