Average mortgage rates ticked up again Wednesday, adding pressure to an already strained housing market.
According to Zillow, the national average for a 30-year fixed-rate mortgage climbed to 7.05%, up from 7.03% the day before. That’s still slightly down from 7.08% last week.
The 15-year fixed rate held steady at 6.09%, while the 5-year ARM sits at 7.77%.
Rate snapshot as of May 28, 2025
- 30-year fixed: 7.05% (up 0.02%)
- 15-year fixed: 6.09% (no change)
- 5-year ARM: 7.77% (down 0.17%)
- 30-year FHA: 6.95%
- 30-year VA: 6.58%
- Jumbo 30-year: 7.28%
What’s driving today’s mortgage rates
Rates remain elevated due to persistent inflation and ongoing market uncertainty. While the Federal Reserve has paused rate hikes, bond market volatility and mixed economic signals continue to influence daily rate shifts.
Weekly trend highlights
- 30-year fixed: Down from 7.08% last week
- 15-year fixed: Down 4 basis points
- 5-year ARM: Significantly lower than last week’s 7.94%
How to get the best mortgage rate
- Improve your credit score
- Compare offers from multiple lenders
- Increase your down payment
- Consider shorter-term loans
- Evaluate fixed vs. adjustable rates carefully
Bottom line
With rates hovering above 7%, buyers should remain cautious and act strategically. Small changes in daily rates can lead to significant cost differences over the life of a loan.
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