Mortgage Rates Today: June 10, 2025

Forbes

2 days ago

The current average mortgage rate on a 30-year fixed mortgage is 6.9%, compared to 6.87% a week earlier, according to the Mortgage Research Center.
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.91%, up 0.85% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today's refinance rates.
Today, the average rate on a 30-year mortgage is 6.9%, compared to last week when it was 6.87%.
The APR on a 30-year, fixed-rate mortgage is 6.93%. The APR was 6.9% last week. APR is the all-in cost of your loan.
With today's interest rate of 6.9%, a 30-year fixed mortgage of $100,000 costs approximately $659 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $137,795 in total interest over the life of the loan.
The average interest rate on a 15-year mortgage (fixed-rate) rose to 5.91%. This same time last week, the 15-year fixed-rate mortgage was at 5.86%.
The APR on a 15-year fixed is 5.95%. It was 5.91% this time last week.
At today's interest rate of 5.91%, a 15-year fixed-rate mortgage would cost approximately $839 per month in principal and interest per $100,000. You would pay around $51,447 in total interest over the life of the loan.
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 7.29%. Last week, the average rate was 7.25%.
If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $685 per month in principal and interest per $100,000 borrowed, which amounts to $146,928 in total interest over the life of the loan.
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:
Conventional home loans are issued by private lenders and typically require good or excellent credit and a minimum 20% down payment to get the best rates. Some lenders offer first-time home buyer loans and grants with relaxed down payment requirements as low as 3%.
For buyers with limited credit or finances, a government-backed loan is usually the better option as the minimum loan requirements are easier to satisfy.
For example, FHA loans can require 3.5% down with a minimum credit score of 580 or at least 10% down with a credit score between 500 and 579. However, upfront and annual mortgage insurance premiums can apply for the life of the loan.
Buyers in eligible rural areas with a moderate income or lower may also consider USDA loans. This program doesn't require a down payment, but you pay an upfront and annual guarantee fee for the life of the loan.
If you come from a qualifying military background, VA loans can be your best option. First, you don't need to make a down payment in most situations. Second, borrowers pay a one-time funding fee but don't pay an annual fee as the FHA and USDA loan programs require.
A competitive mortgage rate currently ranges from 6% to 8% for a 30-year fixed loan. Several factors impact mortgage rates, including the repayment term, loan type and borrower's credit score.
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.