Mortgage Rates Today, June 23, 2025: 30-Year Rates Climb to 6.83%
Mortgage rates are up, but still under 7%. Today's national average on a 30-year fixed-rate mortgage is 6.83%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.04%.
Interest rates for new mortgages and refinances continue to hover near 7%, contributing to a stifling summer for the economy. The labor market appears to have stalled, with many companies opting not to fill open positions. At the same time, rising costs have put pressure on consumer spending, contributing to a weak real estate market during the spring and summer. These risks have many business owners hunkering down for an uneasy few months ahead.
The economic uncertainty has some analysts making the case that it's time for the Fed to cut interest rates, but Fed officials kept rates unchanged at their June meeting. The policymakers held the federal-funds rate to a range of 4.25% to 4.50%, but indicated that rate cuts might be possible later in the year. Future cuts will depend on whether the jobs market weakens significantly or it becomes more evident that prices won't spike due to tariffs.
'There are many, many different scenarios…where inflation does or doesn't prove out to be at the levels we think, where the labor market does or doesn't soften,' Federal Reserve Chair Jerome Powell told reporters.
Top mortgage rates today
Current mortgage rates are up, but lower than they were seven days ago and 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.
Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate.
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