Mortgage Rates Today, June 9, 2025: 30-Year Rates Drop to 6.87%
Mortgage rates are down and still under 7%. Today's national average on a 30-year fixed-rate mortgage is 6.87%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.09%.
Interest rates are down compared to last week for new mortgages but higher for refinances as the summer housing market gets off to a slow start. The period between April and June is typically the time that home sales see the most activity, but this year's sales have been hampered by stubbornly high mortgage rates, economic concerns and elevated home prices.
Home sales fell 2% in April compared to the previous year, marking the slowest sales pace since April 2009. While housing supply has picked up in some parts of the country, like Florida and Texas, uncertainty has left many prospective buyers hesitant to take on a major purchase.
The May jobs report showed slow hiring and flat unemployment, highlighting the uncertainty surrounding tariffs and the nation's economic outlook. A volatile bond market also has many would-be homebuyers waiting on the sidelines for more stability or lower mortgage rates.
Top mortgage rates today
Current mortgage rates are down and lower than they were seven days ago and lower than in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn't directly impact today's mortgage rates, they have been easing since the Fed began cutting rates in late 2024, and policymakers have been holding rates steady in 2025.
Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate.
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