Mortgage Rates Today: July 30, 2025

Forbes

a day ago

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The current average mortgage rate on a 30-year fixed mortgage is 6.70% with an APR of 6.73%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.69% with an APR of 5.74%. On a 30-year jumbo mortgage, the average rate is 6.92% with an APR of 6.94%.
30-Year Mortgage Rates Climb 0.18%
Today, the average rate on a 30-year mortgage is 6.7%, compared to last week when it was 6.69%.
The APR on a 30-year, fixed-rate mortgage is 6.73%. The APR was 6.71% last week. APR is the all-in cost of your loan.
With today's interest rate of 6.7%, a 30-year fixed mortgage of $100,000 costs approximately $645 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $132,921 in total interest over the life of the loan.
15-Year Mortgage Rates Climb 0.26%
Today's 15-year mortgage (fixed-rate) is 5.69%, up 0.26% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.67%.
The APR on a 15-year fixed is 5.74%. It was 5.72% a week earlier.
A 15-year, fixed-rate mortgage with today's interest rate of 5.69% will cost $827 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $49,329 in total interest.
Jumbo Mortgage Rates Climb 0.26%
The current 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) is 6.92%—0.26% higher than last week.
A 30-year jumbo mortgage at today's fixed interest rate of 6.92% will cost you $660 per month in principal and interest per $100,000. That adds up to roughly $138,060 in total interest over the life of the loan.
Trends in Mortgage Rates for 2025
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.
When Can I Expect Mortgage Rates To Drop?
Various economic factors influence mortgage rates, making it challenging to forecast when rates will drop.
The Federal Reserve's decisions significantly impact mortgage rates. In response to inflation or an economic downturn, the Fed may lower its federal funds rate, prompting lenders to reduce mortgage rates.
Mortgage rates also track U.S. Treasury bond yields. If bond yields drop, mortgage rates typically follow suit.
Finally, global events that cause financial disruptions can affect mortgage rates. For example, the Covid-19 pandemic led to record-low interest rates when the Fed cut rates.
While a significant decrease in mortgage rates is unlikely in the near future, they may start to decline if inflation eases or the economy weakens.
How To Calculate Mortgage Payments
Get to know your budget before you look for a house. This will give you an idea of the type of house you can afford. A good place to start is by using a mortgage calculator to get a rough estimate.
Simply input the following information:
Home price
Down payment amount
Interest rate
Loan term
Taxes, insurance and any HOA fees
How Are Mortgage Rates Determined?
Multiple factors affect the interest rate for a mortgage, including the economy's overall health, benchmark interest rates and borrower-specific factors.
The Federal Reserve's rate decisions and inflation can influence rates to move higher or lower. Although the Fed raising rates doesn't directly cause mortgage rates to rise, an increase to its benchmark interest rate makes it more expensive for banks to lend money to consumers. Conversely, rates tend to decrease during periods of rate cuts and cooling inflation.
Home buyers can make several moves to improve their finances and qualify for competitive rates. One is having a good or excellent credit score, which ranges from 670 to 850. Another is maintaining a debt-to-income (DTI) ratio below 43%, which implies less risk of being unable to afford the monthly mortgage payment.
Further, making a minimum 20% down payment can help you avoid private mortgage insurance (PMI) on conventional home loans. If you can afford the larger monthly payment, 15-year home loans have lower rates than a 30-year term.
What Is the Best Type of Mortgage Loan?
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:
FHA loans. Borrowers with a credit score above 580 only need to put 3.5% down and applicants with credit scores ranging from 500 to 579 are only required to make a 10% down payment with FHA loans.
Borrowers with a credit score above 580 only need to put 3.5% down and applicants with credit scores ranging from 500 to 579 are only required to make a 10% down payment with VA loans. Servicemembers, veterans and qualifying spouses don't need to make a down payment when the sales price is less than the home's appraisal value. VA loan
Servicemembers, veterans and qualifying spouses don't need to make a down payment when the sales price is less than the home's appraisal value. USDA loans. Applicants in eligible rural areas can buy or build a home with no money down using a USDA loan
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