Key Takeaways
- Mortgage rates just barely edged higher this week, holding onto much of a substantial decline from a mid-April surge triggered by President Trump’s tariff moves.
- Rates on new 30-year fixed-rate loans were 13 points lower Friday than five weeks ago, sitting now at a 7.01% average.
- 15-year rates have fallen even further since mid-April, subtracting 26 basis points for a current Friday average of 6.05%.
- Jumbo 30-year rates have also seen a five-week decline, shedding 18 points to a Friday reading of 6.97%.
- On a new loan of $350,000 with a 30-year term, today’s rates equate to a monthly payment of $2,331—$31 cheaper than the mid-April peak.
- See our tables below for other loan types and amounts.
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Mortgage Rates Holding in Lower Ground After Major Surge
Mortgage rates have not been spared from the market chaos triggered by President Donald Trump’s evolving tariff policy. The administration’s April 2 tariff announcement triggered an immediate stock market sell-off, which led to a quick drop in 10-year Treasury yields that pushed mortgage rates lower. But that trend reversed after only two days. Bond yields then soared—confounding many experts—and that shot mortgage rates higher until they reached a 2025 peak on April 11.
After the surge, 30-year mortgage rates changed direction again, plunging for two weeks. Since then, they have inched up modestly for three weeks, holding on to most of the late April decline. Below, you can see the change in rates from Friday vs. April 11 for each new purchase loan average. We then dive deeper into 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Apr 11 averages | May 16 averages | 5-week change |
|---|---|---|---|
| 30-Year Fixed | 7.14% | 7.01% | – 0.13 |
| FHA 30-Year Fixed | 7.04% | 7.37% | No change |
| VA 30-Year Fixed | 6.81% | 6.63% | – 0.18 |
| 20-Year Fixed | 7.09% | 6.81% | – 0.28 |
| 15-Year Fixed | 6.31% | 6.05% | – 0.26 |
| FHA 15-Year Fixed | 6.32% | 6.78% | No change |
| 10-Year Fixed | 6.69% | 5.96% | – 0.73 |
| 7/6 ARM | 7.34% | 7.33% | – 0.01 |
| 5/6 ARM | 7.22% | 7.28% | + 0.06 |
| Jumbo 30-Year Fixed | 7.15% | 6.97% | – 0.18 |
| Jumbo 15-Year Fixed | 7.07% | 6.83% | – 0.24 |
| Jumbo 7/6 ARM | 7.59% | 7.46% | – 0.13 |
| Jumbo 5/6 ARM | 7.77% | 7.44% | – 0.33 |
30-Year Mortgage Rates Inch Just Above 7%
Though they edged a minor 3 basis points higher last week, rates on 30-year new purchase loans are down 13 basis points over the last five weeks. The current flagship average of 7.01% is a notable improvement vs. the 7.14% average registered on April 11. Leading up to that reading, 30-year rates surged a remarkable 44 basis points, for their biggest Friday-to-Friday gain since June 2022 and their most expensive average in almost 11 months.
However, things were much better in September, when the 30-year average plunged to a two-year low of 5.89% (the cheapest Friday average being 6.03%). So far this year, the lowest weekly reading has been 6.55%.
15-Year Mortgage Rates Creep Into 6% Territory
Rates on 15-year new purchase loans are down even more in the past five weeks, sitting a bold 26 basis points lower at an average of 6.05% on Friday. Still, the current reading is more than a percentage point above the two-year low of 4.97% registered in September.
Jumbo 30-Year Rates Hold Below 7%
Rates on jumbo 30-year new purchase loans have declined 18 basis points across five weeks, landing Friday at a 6.97% average. That’s compared to a 2025 high of 7.15%. In contrast, September rates on new 30-year jumbo loans sank as far as 6.24%, with the lowest weekly average registering at 6.39%.
What’s a jumbo loan?
A jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—$806,500 for single-family homes in most parts of the U.S. in 2025, but up to $1,209,750 in certain more expensive areas.
Here’s How Much Monthly Payments Are Today
To see how much this week’s rate increases would impact monthly payments for new borrowers, our tables below lay out the principal-plus-interest payment for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.
| 30-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Apr. 11 | 7.14% | $1,687 | $2,362 | $3,036 | $3,711 | $4,386 |
| Fri, May. 16 | 7.01% | $1,665 | $2,331 | $2,997 | $3,663 | $4,329 |
| 5-week decline | – 0.13 | – $22 | – $31 | – $39 | – $48 | – $57 |
| 15-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Apr. 11 | 6.31% | $2,152 | $3,012 | $3,873 | $4,734 | $5,595 |
| Fri, May. 16 | 6.05% | $2,116 | $2,963 | $3,810 | $4,656 | $5,503 |
| 5-week decline | – 0.26 | – $36 | – $49 | – $63 | – $78 | – $92 |
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.
| Jumbo 30-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
| Fri, Apr. 11 | 7.15% | $5,403 | $6,079 | $6,754 | $7,429 | $8,105 |
| Fri, May. 16 | 6.97% | $5,306 | $5,970 | $6,633 | $7,296 | $7,959 |
| 5-week decline | – 0.18 | – $97 | – $109 | – $121 | – $133 | – $146 |
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.
