Key Takeaways
- Mortgage rates have held relatively steady over the past two weeks, keeping loans more affordable than during the springtime surge.
- At the current 30-year fixed rate average of 6.89%, a $350,000 loan costs about $650 less per year than it would have in mid-May.
- Mortgage rate direction is notoriously hard to predict, but many experts say meaningful rate relief is unlikely in the near term.
- That makes it smart to buy when you find the right home—especially with the option to refinance later if rates drop.
- See our full tables below for more rates and payment comparisons by loan type.
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Mortgage Rates Have Flattened Out—And Remain Cheaper Than in Spring
In May, mortgage rates spiked as the bond market reacted to President Trump’s tax bill gaining momentum in Congress. Concerns that the legislation could widen the federal deficit pushed 10-year Treasury yields sharply higher—triggering a dramatic jump in mortgage rates.
Over the next five weeks, however, homebuyers got some relief, as mortgage rates steadily declined across nearly every new purchase loan type. Most averages fell to their lowest levels since early April—and in some cases, even March.
Since then, rates have inched up modestly and are now holding steady. That’s kept most new purchase loan averages well below their May peak.
Below, we break down how rates have changed for each new purchase loan average, followed by a closer look at 30-year, 15-year, and jumbo 30-year fixed-rate loans.
New Purchase Mortgage Rate Changes Since the May Peak
| Mortgage Type | May 23 averages | Jul 25 averages | 2-month change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 6.89% | – 0.23 |
| FHA 30-Year Fixed | 7.37% | 7.55% | + 0.18 |
| VA 30-Year Fixed | 6.73% | 6.58% | – 0.15 |
| 20-Year Fixed | 7.00% | 6.74% | – 0.26 |
| 15-Year Fixed | 6.10% | 5.90% | – 0.20 |
| FHA 15-Year Fixed | 6.78% | 6.76% | – 0.02 |
| 10-Year Fixed | 6.16% | 5.74% | – 0.42 |
| 7/6 ARM | 7.44% | 7.40% | – 0.04 |
| 5/6 ARM | 7.41% | 7.38% | – 0.03 |
| Jumbo 30-Year Fixed | 7.10% | 6.81% | – 0.29 |
| Jumbo 15-Year Fixed | 6.99% | 6.79% | – 0.20 |
| Jumbo 7/6 ARM | 7.66% | 7.18% | – 0.48 |
| Jumbo 5/6 ARM | 7.45% | 7.22% | – 0.23 |
30-Year Mortgage Rates Level Off—Well Below Spring High
After peaking at a weekly average of 7.12% on May 23, rates on new 30-year purchase loans have since settled into a lower range. The flagship average now stands at 6.89%—nearly a quarter percentage point below the springtime high.
While rates briefly dipped to 6.76% in late June, recent increases have been modest—keeping today’s rates notably more affordable than they were in May.
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 rates are available in New York, Colorado, California, and Washington.
15-Year Rates Remain Below the 6% Mark
Rates on 15-year new purchase loans dropped 38 basis points after peaking at 6.10% in May, reaching 5.72% in late June. Since then, they’ve edged back up to 5.90%, but that’s still a full 20 basis points below the May high.
Jumbo 30-Year Rates Decline, Moving Back Toward Summer Lows
After hitting a 7.10% average on May 23, jumbo 30-year rates dropped to 6.78% by June 27. Though they briefly inched higher afterward, rates fell again last week to 6.81%—nearly back to their summer low.
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.
Don’t Wait on Rates—Buy When the Home Is Right
Though today’s rates are higher than they were last fall and winter, 30-year averages in the 6% range are still an improvement over much of 2025—including the year-to-date peak of 7.12% in mid-May.
In addition, many experts predict rates will remain in the mid-6% range for the foreseeable future. That means even waiting until next year may not lead to meaningful savings.
Counting on a Fed rate cut to bring relief is also unreliable. There’s no guarantee the Fed will lower rates in 2025—and even if it does, mortgage rates may not follow. In fact, after three Fed cuts totaling a full percentage point in late 2024, mortgage rates didn’t drop—they surged.
That’s why it’s often smarter to base your buying decision on your financial readiness and finding the right home—not on trying to time the mortgage market, which is nearly impossible and may not pay off. And if rates drop significantly later, you can always refinance into a more affordable loan.
What You’d Pay Each Month at 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, Jul 25 | 6.89% | $1,645 | $2,303 | $2,961 | $3,619 | $4,277 |
| 2-month change | – 0.23 | – $38 | – $54 | – $69 | – $85 | – $100 |
| Annual savings | $456 | $648 | $828 | $1,020 | $1,200 |
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, Jul 25 | 5.90% | $2,096 | $2,935 | $3,773 | $4,612 | $5,450 |
| 2-month change | – 0.20 | – $27 | – $37 | – $49 | – $59 | – $70 |
| Annual savings | $324 | $444 | $588 | $708 | $840 |
Monthly Mortgage Payments for Jumbo 30-Year Loans
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.
| 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, Jul 25 | 6.81% | $5,221 | $5,873 | $6,526 | $7,179 | $7,831 |
| 2-month change | – 0.29 | – $155 | – $175 | – $194 | – $213 | – $233 |
| Annual savings | $1,860 | $2,100 | $2,328 | $2,556 | $2,796 |
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.
