Homebuyers and those looking to refinance are met with a mixed bag of interest rate changes today. The national average for a 30-year fixed mortgage, a popular benchmark for the housing market, saw a slight dip, offering a small reprieve for borrowers. However, other popular loan terms experienced upward movement, highlighting the fluctuating nature of the current market.
How Do Mortgage Rates Look Today?
As of Tuesday, June 10, 2025, the average rate for a 30-year fixed mortgage fell to 6.98%, a minor decrease of one basis point from the previous week’s average of 6.99%. While a modest change, it keeps the key rate just under the 7% threshold.
In contrast, those seeking shorter loan terms saw rates climb. The 15-year fixed mortgage rate increased to 6.11%, up four basis points from 6.07% a week prior. This option remains attractive for borrowers who can afford a higher monthly payment in exchange for significant long-term interest savings.
Adjustable-rate mortgages (ARMs) saw the most significant shift. The 5-year ARM dropped substantially to 7.30%, a decrease of 43 basis points from 7.73%. This considerable drop could make ARMs a more appealing option for buyers planning to sell or refinance before the initial fixed-rate period ends.
Today’s Mortgage Rate Snapshot (June 10, 2025)
| Loan Program | Current Rate | Weekly Change |
|---|---|---|
| 30-Year Fixed | 6.98% | ▼ 0.01% |
| 15-Year Fixed | 6.11% | ▲ 0.04% |
| 5-Year ARM | 7.30% | ▼ 0.43% |
Rates also varied across other loan types, including government-backed and jumbo loans. The average rate for a 30-year fixed FHA loan stood at 7.75%, while the 30-year fixed VA loan offered a more competitive rate of 6.44%. For high-value properties, the 30-year fixed jumbo mortgage rate was 7.26%.
How to Secure the Best Mortgage Rate
While market-wide mortgage rates today provide a crucial benchmark, the rate you are offered depends heavily on your personal financial profile. To secure the most favorable terms, experts advise the following strategies:
- Strengthen Your Credit Score: A higher credit score generally translates to a lower interest rate. Before applying, review your credit report for errors and identify opportunities for improvement.
- Shop Around: Don’t settle for the first offer. Compare official Loan Estimates from at least three different lenders to ensure you are getting the best combination of interest rate and fees.
- Consider Your Down Payment: A larger down payment, typically 20% or more, can help you qualify for a lower mortgage rate and avoid private mortgage insurance (PMI).
- Evaluate Different Loan Types: While the 30-year fixed mortgage is the most common, it may not be the best fit for everyone. Consider the benefits of a 15-year loan or an ARM based on your financial goals and how long you plan to stay in the home.
As mortgage rates continue to fluctuate daily, staying informed and prepared is the best strategy for any prospective homebuyer.
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