Mortgage Rates Drop to Lowest Since October: What You Need to Know

Mortgage Rates Hit a New Low

Good news for homebuyers and homeowners! The 30-year fixed mortgage rate has dropped for the second straight week. According to Zillow, the average 30-year rate is now 6.19%, the lowest since October 2024.

The 20-year fixed rate also declined to 5.86%, while the 15-year fixed rate dropped to 5.48%.

Current Mortgage Rates

Here are the latest national mortgage rates:

  • 30-year fixed: 6.19%

  • 20-year fixed: 5.86%

  • 15-year fixed: 5.48%

  • 5/1 ARM: 5.97%

  • 7/1 ARM: 5.98%

  • 30-year VA: 5.66%

  • 15-year VA: 5.13%

  • 5/1 VA: 5.83%

Best Option Mortgage can help find the best rate for your situation.

Refinance Rates Also Drop

Refinance rates are following the same downward trend:

  • 30-year fixed: 6.25%

  • 20-year fixed: 5.89%

  • 15-year fixed: 5.53%

  • 5/1 ARM: 6.11%

  • 7/1 ARM: 6.32%

  • 30-year VA: 5.68%

  • 15-year VA: 5.40%

  • 5/1 VA: 5.91%

  • 30-year FHA: 5.96%

  • 15-year FHA: 5.24%

If you’re considering refinancing, now might be a good time. Best Option Mortgage can guide you through the process and help secure a lower rate.

30-Year Fixed Mortgage: Pros and Cons

A 30-year fixed mortgage is the most popular loan type. Here’s why:
✔ Lower monthly payments spread over 30 years.
✔ Predictable payments since the interest rate stays the same.
✖ Higher interest costs over the life of the loan.
✖ Higher rate than shorter-term loans.

If you’re looking for lower payments and long-term stability, Best Option Mortgage can help you lock in a great 30-year rate.

15-Year Fixed Mortgage: A Faster Path to Ownership

A 15-year fixed mortgage offers lower rates and faster loan payoff.
✔ Lower interest rates than a 30-year loan.
✔ Saves thousands in interest over the life of the loan.
✖ Higher monthly payments since the loan term is shorter.

For those who can afford a higher payment, a 15-year mortgage can be a smart choice. Best Option Mortgage can help you compare options.

Adjustable-Rate Mortgages (ARMs): A Risky Bet?

ARMs offer low introductory rates, but they adjust over time.
✔ Lower initial payments compared to fixed-rate mortgages.
✔ Good for short-term homeowners who plan to move before rates adjust.
✖ Unpredictable future payments after the fixed period.
✖ Potential for rate increases, leading to higher costs.

Before choosing an ARM, talk to Best Option Mortgage to see if it’s right for you.

Are Mortgage Rates Expected to Keep Dropping?

Mortgage rates have been falling, but they may not stay low. Experts predict rates will gradually decline through 2025, but drastic drops are unlikely.

If you’re thinking about buying or refinancing, now might be a good time to act. Best Option Mortgage can help you make the best decision based on market trends.

How to Get the Best Mortgage or Refinance Rate

To qualify for the lowest mortgage rates, follow these steps:
✔ Improve your credit score – Higher scores mean better rates.
✔ Lower your debt-to-income ratio (DTI) – Less debt makes you a lower-risk borrower.
✔ Consider a shorter loan term – 15-year mortgages have lower rates than 30-year loans.
✔ Compare lenders – Rates vary, so shop around for the best deal.

At Best Option Mortgage, we simplify the process. Our experts will find the best rates and loan options for you.

Should You Refinance Now?

If you bought your home in the last two years, refinancing now could save you money. Lower rates mean lower payments and long-term savings.

✔ Lower your monthly payment
✔ Pay off your mortgage faster
✔ Convert from an ARM to a fixed rate for stability

Not sure if refinancing is right for you? Best Option Mortgage can analyze your current loan and show you how much you could save.

Take Advantage of Low Rates Today

Mortgage rates have reached their lowest point since October 2024. Don’t miss this opportunity. Contact Best Option Mortgage today to discuss your options and lock in the best rate!


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Best Option Mortgage is a DBA of ML Mortgage Corp. ML Mortgage Corp. is a state-licensed mortgage lender, NMLS ID #362312, licensed by the CA Department of Financial Protection and Innovation under the Finance Lenders Law, License #60DBO69831. For other states, visit www.mlmortgage.net. To verify licenses, visit www.nmlsconsumeraccess.org. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. © 2025 ML Mortgage Corp. All rights reserved.