As of September 30, 2025, mortgage rates have slightly increased for 30-year fixed loans but show mixed trends across other loan types. The average 30-year fixed mortgage rate rose by 3 basis points to 6.62%, while the 15-year fixed rate marginally decreased by 1 basis point to 5.74%. Meanwhile, refinance rates, particularly the 30-year fixed refinance rate, have jumped significantly to 7.65%, an increase of 64 basis points from the previous week (Zillow, 2025). This nuanced shift in mortgage and refinance rates signifies ongoing market adjustments amid Federal Reserve interest rate changes and economic factors influencing lending costs.

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Just like last year when the Fed lowered their rate, the 10-yr Treasuries – and mortgage rates – are trending higher now.

If you are hoping to time your rate lock, the next CPI release will be on October 15th, and the Fed meets again on October 28-29. Mortgage rates have been lower in the few days before those meetings, though if the CPI number surprises the market (doubtful) then the best rates will be in between the two meetings.

https://www.mortgagenewsdaily.com/markets/mortgage-rates-09172025

Fed cuts rates but mortgage rates rise

Fed cuts rates as mortgages get costlier post-election

Investors guess at effects of Trump presidency, but Jerome Powell won’t

<p>A photo illustration of Chair of the Federal Reserve of the United States Jerome Powell (Getty)</p> — A photo illustration of Chair of the Federal Reserve of the United States Jerome Powell (Getty)

“The big impact on rates this week was clearly the election,” said Mortgage Bankers Association chief economist Mike Fratantoni. “As results rolled in, longer-term rates jumped higher. Investors expect somewhat stronger economic growth, higher inflation, and larger deficits.”

Mortgage applications have fallen for six straight weeks, with rising rates as the likely culprit.

Rates had been pushing up for several weeks, however, so clearly more than the election outcome was at play. A variety of economic data influences investor behavior, which in turn affects the yield on 10-year Treasury notes. Long-term mortgage rates track long-term T-bills because they have similar length and risk profiles.

The Federal Reserve added its own ingredients to this cauldron of numbers Wednesday, reducing the federal funds rate by 25 basis points, as expected. The investment world had already baked in the cut to all of its models and was instead entirely focused on what Fed chair Jerome Powell might say about the future, in light of Trump’s election.

The answer: not much.

“We don’t guess, we don’t speculate, and we don’t assume,” Powell told reporters after the Fed released an official statement that offered no guidance about future rate cuts.

This may be the time to buy a Boston Seaport condo for sale before mortgage rates rise again.