While most people weren’t watching, mortgage rates slipped to fresh lows this week—marking one of the best opportunities buyers and refinancers have seen all year.

Here’s the quick snapshot (as of early September 2025):

• 30-Year Fixed (Conforming): ~6.29%

• 15-Year Fixed (Conforming): ~5.60%

• 30-Year Fixed (Jumbo): ~6.5%

• 15-Year Fixed (Jumbo): ~5.9%

Not exactly the 3% glory days—but a meaningful dip that can change monthly payments in a big way.

What’s driving it?
The big story is weaker-than-expected jobs data. August payrolls were soft, which pushed investors into safer bonds, driving the 10-year Treasury yield down. Since mortgage rates are closely tied to that yield, they followed suit. Refinancing activity also spiked, showing how quickly homeowners are jumping on the chance to lock in lower costs.

Where could rates go from here?
If the labor market keeps cooling, the Fed may feel pressure to cut rates later this year, which could bring further easing. Most forecasts, however, expect 30-year loans to hover in the mid-6% range through year-end. A break below 6% would be a psychological game-changer and could spark a wave of buying in L.A.’s coastal luxury market.

Why it matters for you.
Even a small drop translates into thousands of dollars saved over the life of a loan. For buyers, it boosts affordability just enough to make a move feel possible. For current owners, it may be time to revisit refinancing.

Bottom line: rates are drifting lower, quietly but steadily. If you’re buying or refinancing, this might be your “Goldilocks” window—good enough to lock, with room for further opportunity if the tide continues out.