Key Takeaways
- Mortgage rates have reversed course dramatically after surging in mid-May during debate over President Trump’s proposed tax bill.
- The average rate for new 30-year fixed-rate loans is now 6.76%, down 36 basis points since May 23.
- Other loan types have also dropped: 15-year rates are down 38 basis points, and jumbo 30-year loans have fallen 32 points.
- A $350,000 loan at today’s 30-year rate equals a $2,272 monthly payment—$85 less than five weeks ago, for $1,020 in annual savings.
- See our full tables below for additional loan type rates and payments.
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Five Weeks of Declines Have Brought Mortgage Rates to Springtime Lows
In mid-May, mortgage rates spiked as the bond market reacted to news that President Trump’s proposed tax bill was gaining momentum in Congress. Experts have warned the legislation could widen the federal deficit by extending major tax cuts and increasing long-term government spending. That concern initially pushed 10-year Treasury yields sharply higher—triggering a jump in mortgage rates.
Since then, however, homebuyers have seen some relief, as mortgage rates have steadily declined across nearly every new purchase loan type over the past five weeks. Most averages are now at their lowest levels since early April—and in some cases, even March.
Below, we break down how rates have changed since the May spike for each new purchase loan average, followed by a closer look at 30-year, 15-year, and jumbo 30-year fixed-rate loans.
Weekly Change of New Purchase Mortgage Rates by Loan Type
| Mortgage Type | May 23 averages | Jun 27 averages | 5-week change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 6.76% | – 0.36 |
| FHA 30-Year Fixed | 7.37% | 7.55% | + 0.18 |
| VA 30-Year Fixed | 6.73% | 6.44% | – 0.29 |
| 20-Year Fixed | 7.00% | 6.41% | – 0.59 |
| 15-Year Fixed | 6.10% | 5.72% | – 0.38 |
| FHA 15-Year Fixed | 6.78% | 6.76% | – 0.02 |
| 10-Year Fixed | 6.16% | 5.70% | – 0.46 |
| 7/6 ARM | 7.44% | 7.36% | – 0.08 |
| 5/6 ARM | 7.41% | 7.32% | – 0.09 |
| Jumbo 30-Year Fixed | 7.10% | 6.78% | – 0.32 |
| Jumbo 15-Year Fixed | 6.99% | 6.79% | – 0.20 |
| Jumbo 7/6 ARM | 7.66% | 7.11% | – 0.55 |
| Jumbo 5/6 ARM | 7.45% | 7.18% | – 0.27 |
30-Year Rates Continue to Fall—Now Far Below Their May High
After climbing to a weekly average of 7.12% on May 23, rates on new 30-year purchase loans have now fallen 36 basis points overall—including a 15-point drop in just the past week. The latest Friday average sits at 6.76%—its lowest level since April 4.
Still, rates remain well above last fall’s levels. In September, the 30-year average fell to a two-year low of 5.89%, with the lowest Friday average at 6.03%. So far in 2025, the weekly low stands at 6.55%.
What’s the 30-Year Rate in Your State?
We publish national rate averages for all major loan types every business day—plus 30-year averages for every state. Right now, the lowest state rates range from 6.55% to 6.73%.
15-Year Rates Dip to Mid-5% Levels for the First Time in Months
After falling 21 basis points last week, rates on new 15-year purchase loans have now dropped 38 points over the past five weeks. Friday’s average landed at 5.72%—the lowest since late February and nearly 60 basis points below the 2025 high of 6.31%.
Even so, the 15-year average remains roughly three-quarters of a point above the two-year low of 4.97% set last September, when the lowest Friday reading was 5.07%.
Jumbo 30-Year Mortgage Now Down a Third of a Percentage Point Since Mid-May
Rates on jumbo 30-year new purchase loans declined another 14 basis points last week, bringing the total drop to 32 points since May 23. Friday’s average landed at 6.78%—now 37 basis points below the 2025 high of 7.15%.
By comparison, however, jumbo rates fell as low as 6.24% last September, with the lowest weekly average coming in at 6.39%.
What’s a Jumbo Loan?
A jumbo mortgage exceeds the loan limits set for conforming loans by Fannie Mae and Freddie Mac—$806,500 for most U.S. single-family homes in 2025, and up to $1,209,750 in high-cost areas.
Here’s What You’d Pay Each Month With Today’s Mortgage Rates
To show how recent rate changes affect monthly payments, the tables below break down principal-and-interest costs for various loan amounts using 30-year, 15-year, and jumbo 30-year fixed-rate new purchase mortgages.
Monthly Mortgage Payments for 30-Year Loans
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
|---|---|---|---|---|---|---|
| Fri, May 23 | 7.12% | $1,683 | $2,357 | $3,030 | $3,704 | $4,377 |
| Fri, Jun 27 | 6.76% | $1,623 | $2,272 | $2,922 | $3,571 | $4,220 |
| 5-week drop in monthly payment | – 0.36 | – $60 | – $85 | – $108 | – $133 | – $157 |
| Annual savings | $720 | $1,020 | $1,296 | $1,596 | $1,884 |
Monthly Mortgage Payments for 15-Year Loans
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
|---|---|---|---|---|---|---|
| Fri, May. 23 | 6.10% | $2,123 | $2,972 | $3,822 | $4,671 | $5,520 |
| Fri, Jun 27 | 5.72% | $2,072 | $2,901 | $3,730 | $4,558 | $5,387 |
| 5-week drop in monthly payment | – 0.38 | – $51 | – $71 | – $92 | – $113 | – $133 |
| Annual savings | $612 | $852 | $1,104 | $1,356 | $1,596 |
By definition, jumbo 30-year mortgages are larger loans. So below we’ve run our calculations on loan amounts of $800,000 to $1.2 million.
Monthly Mortgage Payments for Jumbo 30-Year Loans
| National average rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
|---|---|---|---|---|---|---|
| Fri, May. 23 | 7.10% | $5,376 | $6,048 | $6,720 | $7,392 | $8,064 |
| Fri, Jun 27 | 6.78% | $5,205 | $5,855 | $6,506 | $7,157 | $7,807 |
| 5-week drop in monthly payment | – 0.32 | – $171 | – $193 | – $214 | – $235 | – $257 |
| Annual savings | $2,052 | $2,316 | $2,568 | $2,820 | $3,084 |
How We Track Mortgage Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.
