What are today's mortgage interest rates: December 2, 2025?
If homebuyers and owners hoping to refinance their mortgages felt hopeless in recent years, it was understandable. After consistently hovering near record lows at the start of the decade, interest rates surged alongside a soaring inflation rate. That caused mortgage rates to follow a similar pattern, rising to the highest level since 2000 in August 2023. But while rates are not quite as low as they were in 2020 or 2021, 2025 has seen some noticeable improvements. And there still may be more to come in the final days of the year.
With the Federal Reserve set to conclude its final 2025 meeting on December 10 and, with it, the growing likelihood of another rate cut, mortgage rates could soon decline again. Depending on the lender in question, this reduction may already be "priced in," meaning that today's available rates preemptively reflect the December cut – and buyers and owners may find themselves in a more affordable position than they've been in quite some time.
So, what are today's mortgage purchase and refinance interest rates as of December 2, 2025? Below, we'll detail what buyers and owners should know now to better inform their next steps.
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What are today's mortgage interest rates?
The average mortgage purchase rate for a 30-year term is 5.99%, as of December 2, 2025, according to Zillow. The average rate for a 15-year term is 5.37%. Both rates remained the same overnight and are likely to remain in this range as the next Federal Reserve meeting draws closer. But with the likelihood of a Fed rate cut on December 10 just under 90% now, borrowers could benefit from paying close attention to the mortgage rate climate each day.
There may be small but affordable windows of opportunity to exploit, depending on how market conditions change and how individual lenders both respond to those changes and prepare for additional ones in 2026. You won't know which lenders are offering the most competitive rates and terms, however, until you take the time to shop around and compare your options. Consider doing so now, so you're better prepared to act when the next low-rate opportunity presents itself.
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What are today's mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 6.80% as of December 2, 2025, according to Zillow. That's up overnight from 6.71%. The average refi rate on a 15-year term, however, is considerably lower, coming in at just 5.76%, although that's also up from 5.64% on Monday.
Still, the shorter refi term represents a real savings opportunity for homebuyers with rates over 7%, assuming they can afford the higher monthly payments resulting from the condensed timeline. If they can, however, today's 15-year refinance rates surpass both the half-percentage and full-percentage-point thresholds most experts recommend meeting to justify refinancing action.
The bottom line
The average mortgage interest rate on a 30-year term is 5.99% and 5.37% for a 15-year term as of December 2, 2025. The average mortgage refi rate for a 30-year term, meanwhile, is now 6.80% and just 5.76% for a 15-year alternative. While these rates are not what qualified borrowers would have been offered at the beginning of the decade, they're also superior to the averages found in 2024 and even early 2025. And they could already be low enough to justify a purchase or a strategic refinance application now. Take the time to calculate your costs to determine if they're now low enough to comfortably fit within your budget. You may be surprised at the answer.