A 2025 Zillow report found that mortgage rates nationwide would need to fall more than 4% to make the typical home affordable for a median-income family. Currently, the average mortgage rate on a 30-year, fixed-interest loan is 6.11%. The study assumed a 20% down payment and defined affordability as a monthly mortgage payment of less than 30% of the median household income. New York, Los Angeles, and Miami are examples of big cities with rising home values that wouldn't be affordable even with a 0% mortgage ...