Mortgage rates remain largely stable to start the week of July 7, 2025, according to the latest data from Zillow. The national average 30-year fixed mortgage rate stands at 6.80%, unchanged from Friday and reflecting a modest 3 basis point increase over the past week.
This plateau follows a period of gradual increases throughout June and may signal temporary relief for borrowers after weeks of volatility in the mortgage market.
Current national mortgage averages – July 7, 2025
Here’s how today’s average rates compare across loan types:
Conforming Loans
| Loan Type | Rate | 1W Change | APR | 1W Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.80% | ↑ 0.02% | 7.25% | ↑ 0.02% |
| 20-Year Fixed | 6.50% | ↑ 0.15% | 6.75% | ↑ 0.06% |
| 15-Year Fixed | 5.86% | ↑ 0.05% | 6.15% | ↑ 0.05% |
| 10-Year Fixed | 5.58% | ↓ 0.04% | 5.77% | — |
| 5-Year ARM | 7.29% | ↓ 0.31% | 7.81% | ↓ 0.18% |
Government-Backed Loans
| Loan Type | Rate | 1W Change | APR |
|---|---|---|---|
| 30-Year Fixed FHA | 6.73% | ↓ 0.05% | 7.76% |
| 30-Year Fixed VA | 6.30% | ↑ 0.01% | 6.51% |
| 15-Year Fixed FHA | 5.41% | ↑ 0.03% | 6.38% |
| 15-Year Fixed VA | 5.80% | ↑ 0.01% | 6.13% |
Jumbo Loans
| Loan Type | Rate | 1W Change | APR |
|---|---|---|---|
| 30-Year Fixed Jumbo | 7.19% | ↑ 0.02% | 7.53% |
| 15-Year Fixed Jumbo | 6.29% | ↓ 0.19% | 6.50% |
| 5-Year ARM Jumbo | 7.53% | ↑ 0.04% | 7.98% |
Trends and economic context
Mortgage rates have shown incremental movements in recent weeks, but July begins with a stabilization across fixed-rate products. Adjustable-rate mortgages (ARMs), especially the 5-year and 7-year options, have seen larger rate drops.
Key influences on the current rate environment:
- Bank policy shifts: HDFC Bank, one of India’s major lenders, cut its MCLR by up to 30 basis points across key tenures on July 7. This mirrors the broader softening in global lending rates.
- Repo rate impacts: India’s central bank has cut the repo rate by 100 basis points since February. While the U.S. Federal Reserve has yet to signal similar moves, international rate cuts may exert downward pressure on global mortgage markets.
- Barclays housing data: Mortgage and rent spending slowed in June despite year-over-year growth of 4.3%, hinting at increased affordability. Notably, only 19% of survey respondents cited mortgage costs as a key homeownership barrier—down from 22%.
Should you buy or refinance now?
With rates stabilizing and even falling for shorter-term and ARM products, this week may offer a timely opportunity to refinance or lock in rates if you’re a buyer.
Borrowers with strong credit and the ability to put down 20% or more can often secure better-than-average rates. According to Zillow’s rate comparison tool, buyers with credit scores above 740 and down payments of 20% or higher are seeing lower APRs, particularly on 15-year and ARM loans.
Tips to get the best mortgage rate
To maximize savings, consider these key strategies:
- Compare multiple lenders to find competitive offers.
- Improve your credit score to access lower tiers.
- Make a larger down payment to reduce risk and interest.
- Choose the right loan type—shorter terms offer lower rates but higher monthly costs.
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