Fifteen-year mortgage rates fell to a one-month low today. Currently, the average interest rate on a 30-year fixed mortgage is 6.14%, compared to 6.15% a week ago, according to the Mortgage Research Center.

The average long-term mortgage rate rose to 6.16%, mortgage buyer Freddie Mac said Thursday. That’s up slightly from 6.15% last week, when the average rate dropped to its lowest level since October 3, 2024. One year ago, the rate averaged 6.93%.

The unemployment rate, according to the most recently released report, jumped to 4.6%, the highest level in years. The next report, set for a January 9 release date, could go a long way toward impacting future Fed rate policy, or it could encourage the bank to keep rates on hold.

The rate on a 30-year fixed refinance slipped to 6.2% today, according to the Mortgage Research Center. Rates averaged 5.26% for a 15-year financed mortgage and 5.98% for a 20-year financed mortgage.

The housing market faces dual pressure as fewer Americans apply for mortgages while lenders reduce loan programs and increase documentation requirements.

Why it’s actually a good thing for the housing market that so many homeowners have mortgage rates over 6% now.

Combining a repayment and interest-only mortgags could become more popular as part of a push towards more flexible lending

While homebuyers should not expect a drastic reduction in mortgage rates in the near term, rates could continue to fall through 2026. Fannie Mae predicts that mortgage rates will start off 2026 at 6.2% and drop to 5.9% by the end of the year. On the other hand, the Mortgage Bankers Association sees mortgage rates holding steady at 6.4% this year.