Key Takeaways
- After surging in mid-May during congressional debate over President Trump’s proposed tax bill, mortgage rates have reversed course over the past four weeks.
- New 30-year fixed-rate loans now average 6.91%, down 21 basis points from May 23.
- Other popular loan types have also dropped over the past month: 15-year rates are down 17 basis points, and jumbo 30-year loans have declined 18 points.
- On a new loan of $350,000 with a 30-year term, today’s lower rates mean a monthly payment of $2,307—$50 less per month than after the May spike. That represents $600 in savings over 12 months.
- See our full tables below for additional loan type rates and payments.
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Mortgage Rates Slide From May Spike for Nearly Every Loan Type
In mid-May, mortgage rates spiked as the bond market responded to news that President Trump’s proposed tax bill was gaining traction in Congress. Experts warned the legislation could expand the federal deficit by extending major tax cuts and increasing long-term government spending. That concern drove 10-year Treasury yields sharply higher—triggering a surge in mortgage rates.
But over the past four weeks, mortgage rates have pulled back across nearly every new purchase loan type—bringing many averages down to, or near, six-week lows.
Below, we break down how rates have changed since the May spike for each new purchase loan average—followed by a closer look at 30-year, 15-year, and jumbo 30-year fixed-rate loans.
Weekly Change of New Purchase Mortgage Rates by Loan Type
| Mortgage Type | May 23 averages | Jun 20 averages | 4-week change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 6.91% | – 0.21 |
| FHA 30-Year Fixed | 7.37% | 7.55% | + 0.18 |
| VA 30-Year Fixed | 6.73% | 6.60% | – 0.13 |
| 20-Year Fixed | 7.00% | 6.74% | – 0.26 |
| 15-Year Fixed | 6.10% | 5.93% | – 0.17 |
| FHA 15-Year Fixed | 6.78% | 6.76% | – 0.02 |
| 10-Year Fixed | 6.16% | 5.84% | – 0.32 |
| 7/6 ARM | 7.44% | 7.31% | – 0.13 |
| 5/6 ARM | 7.41% | 7.23% | – 0.18 |
| Jumbo 30-Year Fixed | 7.10% | 6.92% | – 0.18 |
| Jumbo 15-Year Fixed | 6.99% | 6.79% | – 0.20 |
| Jumbo 7/6 ARM | 7.66% | 6.95% | – 0.71 |
| Jumbo 5/6 ARM | 7.45% | 7.33% | – 0.12 |
30-Year Mortgage Rates Have More Than Recovered From the May Tax Bill Surge
After surging to a weekly average of 7.12% on May 23, rates on new 30-year purchase loans have since fallen 21 basis points, bringing the latest Friday average down to 6.91%—matching its lowest level in six weeks.
That said, rates remain well above last fall’s lows. In September, the 30-year average dropped to a two-year low of 5.89%, with the cheapest Friday average hitting 6.03%. So far in 2025, the lowest weekly reading has been 6.55%.
15-Year Mortgage Rates Drop Further Below 6%
Rates on 15-year new purchase loans have dropped 17 basis points over the past four weeks, landing at a 5.93% average on Friday. That’s 38 basis points below the 2025 high of 6.31%, but it’s still almost a full percentage point above the two-year low of 4.97% set last September (with a 5.07% low among Friday averages).
Jumbo 30-Year Mortgage Rates Hold Their Ground in Upper-6% Territory
Rates on jumbo 30-year new purchase loans have declined 18 basis points since May 23, with Friday’s reading of 6.92% almost a quarter-point lower than the 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.
Monthly Mortgage Payments: How Much You’d Pay With Today’s Rates
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, May 23 | 7.12% | $1,683 | $2,357 | $3,030 | $3,704 | $4,377 |
| Fri, Jun 20 | 6.91% | $1,648 | $2,307 | $2,967 | $3,626 | $4,285 |
| 4-week drop | – 0.21 | – $35 | – $50 | – $63 | – $78 | – $92 |
15-Year Loan Monthly Mortgage Payments
| 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, Jun 20 | 5.93% | $2,100 | $2,940 | $3,780 | $4,620 | $5,461 |
| 4-week drop | – 0.17 | – $23 | – $32 | – $42 | – $51 | – $59 |
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, May. 23 | 7.10% | $5,376 | $6,048 | $6,720 | $7,392 | $8,064 |
| Fri, Jun 20 | 6.92% | $5,280 | $5,939 | $6,599 | $7,259 | $7,919 |
| 4-week drop | – 0.18 | – $96 | – $109 | – $121 | – $133 | – $145 |
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.
