Mortgage Rates Today: June 9, 2025 - 30-Year and 15-Year Rates Stand Still
Currently, the average interest rate on a 30-year fixed mortgage is 6.83%, compared to 6.86% 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 5.85%, down 0.10% from the previous week.
Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it's worth the cost to refinance.
Borrowers paid an average rate of 6.83% on a 30-year mortgage. This was down from the previous week's rate of 6.86%.
Currently, the average APR on a 30-year fixed-rate mortgage is 6.86%. This is lower than last week when the APR was 6.89%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.
To get an idea of how much you'll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.83% will cost you about $654 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That's around $136,086 in total interest over the life of the loan.
Today, the 15-year mortgage rate declined to 5.85%, lower than it was yesterday. Last week, it was 5.85%.
On a 15-year fixed, the APR is 5.9%. Last week it was 5.9%.
At today's interest rate of 5.85%, a 15-year fixed-rate mortgage would cost approximately $836 per month in principal and interest per $100,000. You would pay around $50,885 in total interest over the life of the loan.
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 4.34% 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 $677 per month in principal and interest per $100,000 borrowed. That would be $144,242.
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.
Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be tough to understand what you're paying for—and what you can actually afford.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.
Here's what you'll need in order to calculate your monthly mortgage payment:
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:
Many home buyers are eligible for several mortgage loan types. Each program can have its own advantages:
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.
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