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The Fed may cut interest rates next week. Here's what happened to mortgage rates the last two times it did that.
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Anticipation over a Federal Reserve interest rate cut, which was barely registering a few weeks ago, is now growing to a fever pitch. Following an unemployment report that showed the rate increasing to its highest level since October 2021 and new data this week that show 32,000 private-sector jobs lost in November, not to mention concerns over widespread layoffs, the chances of a Fed rate cut to stimulate the economy are rising. As of December 4, 2025, the CME Group's FedWatch tool has a cut for the December 10 Fed meeting listed at just under 90%.
Mortgage and refinance interest rates today, December 6, 2025: Inflation data pushes rates higher
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Mortgage rates increased today. According to Zillow, the average 30-year fixed mortgage rate has risen by 13 basis points to 6.10%, and the 15-year fixed rate is up 14 basis points to 5.55%.
These increases can likely be attributed to the latest Personal Consumption Expenditures (PCE) data, which was released yesterday. The PCE index showed that inflation has mostly moved as expected. While that isn't necessarily bad news, it does give reason to believe the Federal Reserve won't be more assertive about its rate cuts in early 2026. Mortgage rates will probably remain relatively flat for at least several months, so if you're ready to buy a house, now could be as good a time as six months from now.
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Current refi mortgage rates report for Dec. 4, 2025
Glen is an editor on the Fortune personal finance team covering housing, mortgages, and credit. He’s been immersed in the world of personal finance since 2019, holding editor and writer roles at USA TODAY Blueprint, Forbes Advisor, and LendingTree before he joined Fortune. Glen loves getting a chance to dig into complicated topics and break them down into manageable pieces of information that folks can easily digest and use in their daily lives.
The current average refinance rate on a 30-year, fixed-rate home loan is 6.24%, according to data from the popular real estate marketplace Zillow. If you’re a homeowner hoping to refinance your mortgage for a lower rate or perhaps to tap home equity, read on to see average refi interest rates for a variety of loan types and terms. You can also see the prior day’s report here.
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