Mortgage rates today are holding steady at 6%, keeping homebuyers and homeowners locked into one of the year’s most unpredictable borrowing environments. A recent drop in rates has sparked the biggest jump in mortgage demand in years, according to new data from the Mortgage Bankers Association.
Current mortgage rates from Zillow
As of September 11, 2025, Zillow Home Loans reports these rates:
- 30-year fixed: 6.000% (APR: 6.187%)
- 15-year fixed: 5.250% (APR: 5.534%)
- 30-year FHA: 5.875% (APR: 6.547%)
- 30-year VA: 6.000% (APR: 6.281%)
- 20-year fixed: 5.875% (APR: 6.087%)
These rates come with varying points and fees, typically based on credit score and loan amount. Borrowers are encouraged to get personalized quotes for the most accurate picture.
Refinance activity is booming
According to CNBC, the recent rate dip triggered a 12% spike in refinance applications last week—the strongest level since 2022. Refinance demand is now 34% higher than this time last year. For homeowners still sitting on higher rates from early 2024, now might be a key window to reduce monthly payments.
Other takeaways:
- Purchase applications rose 7% week-over-week
- Overall mortgage demand is 23% higher than the same time in 2024
- The refinance share of total applications jumped to 48.8%
Economist Joel Kan from the MBA attributed the surge to “weaker labor market data” and declining Treasury yields.
Why rates are holding—but could shift soon
While today’s 30-year rate from Zillow is 6%, national averages tracked by MBA still hover near 6.49%, reflecting broader market conditions. The Federal Reserve’s policy moves, inflation reports, and job market data are all putting pressure on yields—and by extension, mortgage rates.
This week, two key inflation reports could cause more rate movement, either up or down. If inflation shows signs of cooling, rates may ease further. If not, lenders could reverse course and hike rates again.
How to get the lowest mortgage rate
Lenders offer custom rates based on personal financial profiles. These are the three key factors Zillow says can help you qualify for a better deal:
- Higher credit score: Shows reliability and reduces lender risk
- Larger down payment: Reduces the loan amount and can improve terms
- Lower debt-to-income ratio: Helps show that you can handle new debt
Zillow’s BuyAbility tool offers personalized rate estimates using your income, location, and credit score.
Should you lock in your rate now?
If you’re in the market to buy or refinance, this week may be a strategic time to lock in your rate—especially if you’re risk-averse. While today’s rates aren’t at all-time lows, they are lower than May’s peak, and continued market uncertainty could swing them either direction.
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