Mortgage Rates Today: June 6, 2025 - 30-Year Rates Steady, 15-Year Rates Down

Forbes

13 hours ago

Currently, the average interest rate on a 30-year fixed mortgage is 6.76%, compared to 6.85% a week ago, according to the Mortgage Research Center.
For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.74%, down 2.03% from the previous week.
If you're thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it's worth the cost to refinance.
Today, the average rate on a 30-year mortgage is 6.76%, compared to last week when it was 6.85%.
The APR on a 30-year, fixed-rate mortgage is 6.79%. The APR was 6.88% last week. APR is the all-in cost of your loan.
With today's interest rate of 6.76%, a 30-year fixed mortgage of $100,000 costs approximately $649 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $134,477 in total interest over the life of the loan.
Today's 15-year mortgage (fixed-rate) is 5.74%, down 2.03% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.86%.
The APR on a 15-year fixed is 5.78%. It was 5.91% a week earlier.
A 15-year, fixed-rate mortgage with today's interest rate of 5.74% will cost $830 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $49,802 in total interest.
Today's average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) fell 4.29% from last week to 7.18%.
Borrowers with a 30-year, fixed-rate jumbo mortgage with today's interest rate of 7.18% will pay approximately $678 per month in principal and interest per $100,000 borrowed. That would be $144,315.
Mortgage rates initially trended downward post-spring 2024. However, they surged again in October 2024—despite cuts by the Federal Reserve to the federal funds rate (its benchmark interest rate) in September, November and December 2024.
Rates began to drop again in mid-January 2025, but experts don't forecast them falling by a significant amount in the near future.
Mortgage rates are influenced by various economic factors, making it difficult to predict when they will drop.
Mortgage rates follow U.S. Treasury bond yields. When bond yields decrease, mortgage rates generally follow suit.
The Federal Reserve's decisions and global events also play a key role in shaping mortgage rates. If inflation rises or the economy slows, the Fed may lower its federal funds rate. For example, during the Covid-19 pandemic, the Fed reduced rates, which drove interest rates to record lows.
A significant drop in mortgage rates seems unlikely in the near future. However, they may decline if inflation eases or the economy weakens.
To get an estimate of your mortgage costs, using a mortgage calculator can help.
Simply input the following information:
Mortgage interest rates are determined by several factors, including some that borrowers can't control:
While the above factors set the base interest rate for new mortgages, there are several areas that borrowers can focus on to get a lower rate:
As you compare lenders, consider getting rate quotes for several loan programs. In addition to comparing rates and fees, these programs can have flexible down payment and credit requirements that make qualifying easier.
Conventional mortgages are likely to offer competitive rates when you have a credit score between 670 and 850, although it's possible to qualify with a minimum score of 620. This home loan type also doesn't require annual fees when you have at least 20% equity and waive PMI.
Several government-backed programs are better when you want to make little or no down payment:
Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less.
Further, making a minimum down payment of 20% on conventional mortgages can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate.
Most rate locks last 30 to 60 days and your lender may not charge a fee for this initial period. However, extending the rate lock period up to 90 or 120 days is possible, depending on your lender, but additional costs may apply.
A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money.
Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan's interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it's the total cost of credit. APR accounts for interest, fees and time.
Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.