Mortgage Rates Today: June 16, 2025 - 30-Year Rates Steady, 15-Year Rates Down
Today, the mortgage interest rate on a 30-year fixed mortgage is 6.75%, according to the Mortgage Research Center. On a 15-year fixed mortgage, the average rate is 5.74%, and the average rate on a 30-year jumbo mortgage is 7.03%.
Today, the average rate on a 30-year mortgage is 6.75%, compared to last week when it was 6.83%.
The APR on a 30-year, fixed-rate mortgage is 6.78%. The APR was 6.86% last week. APR is the all-in cost of your loan.
With today's interest rate of 6.75%, a 30-year fixed mortgage of $100,000 costs approximately $649 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $134,190 in total interest over the life of the loan.
Today's 15-year mortgage (fixed-rate) is 5.74%, down 1.83% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.85%.
The APR on a 15-year fixed is 5.79%. It was 5.9% a week earlier.
A 15-year, fixed-rate mortgage with today's interest rate of 5.74% will cost $830 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $49,860 in total interest.
The current average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) is 7.03%. Last week, the average rate was 7.18%.
If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $667 per month in principal and interest per $100,000 borrowed, which amounts to $140,622 in total interest over the life of the loan.
Mortgage rates initially trended downward post-spring 2024. However, they surged again in October 2024—despite cuts by the Federal Reserve to the federal funds rate (its benchmark interest rate) in September, November and December 2024.
Rates began to drop again in mid-January 2025, but experts don't forecast them falling by a significant amount in the near future.
Various economic factors influence mortgage rates, making it challenging to forecast when rates will drop.
The Federal Reserve's decisions significantly impact mortgage rates. In response to inflation or an economic downturn, the Fed may lower its federal funds rate, prompting lenders to reduce mortgage rates.
Mortgage rates also track U.S. Treasury bond yields. If bond yields drop, mortgage rates typically follow suit.
Finally, global events that cause financial disruptions can affect mortgage rates. For example, the Covid-19 pandemic led to record-low interest rates when the Fed cut rates.
While a significant decrease in mortgage rates is unlikely in the near future, they may start to decline if inflation eases or the economy weakens.
The Federal Reserve's restrictive monetary policy – including its interest rate hikes, which it's using to restrain inflation – is the primary factor that's pushing long-term mortgage rates higher. The state of the economy and housing market also affects mortgage rates. As for what interest rate the lender might offer you, this depends on your debt-to-income (DTI) ratio and credit score, both of which indicate your risk as a borrower.
Related: Mortgage Rates Forecast And Trends
Shop around and talk to various lenders to get a sense of each company's mortgage loan offerings and services. Don't go with the first lender quote you receive; instead, compare the best mortgage rate quotes to get a deal. In particular, consider what fees they charge, what fees they're willing to waive and what closing assistance they might provide. Make sure any special offers or discounts don't come at the cost of a higher mortgage rate.
Be sure to apply with each lender within a 45-day window. During this window, you can have multiple lenders pull your credit history without additional impact on your credit score.
Mortgage rates remain elevated, and the nation's housing supply remains limited. The low inventory is preventing house prices from dropping. Meanwhile, the combination of high mortgage rates and appreciated home values will continue to present an obstacle for many prospective homebuyers seeking affordable housing.
Mortgage interest rates are determined by several factors, including some that borrowers can't control:
While the above factors set the base interest rate for new mortgages, there are several areas that borrowers can focus on to get a lower rate:
As you compare lenders, consider getting rate quotes for several loan programs. In addition to comparing rates and fees, these programs can have flexible down payment and credit requirements that make qualifying easier.
Conventional mortgages are likely to offer competitive rates when you have a credit score between 670 and 850, although it's possible to qualify with a minimum score of 620. This home loan type also doesn't require annual fees when you have at least 20% equity and waive PMI.
Several government-backed programs are better when you want to make little or no down payment:
Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less.
Further, making a minimum down payment of 20% on conventional mortgages can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate.
Lenders adjust mortgage rates daily based on economic conditions, inflation, bond market movements and Federal Reserve actions.
If you're shopping around for a mortgage, remember that you might be able to lock in a rate for 30 up to 120 days, depending on the lender. Note that some lenders charge a fee to lock your rate while others offer the service for free.
National average interest rates depend on economic and market conditions, including the bond market, inflation, the economy and Federal Reserve decisions.Lenders set rates based on the loan type and term. In general, shorter terms tend to come with lower rates. Additionally, making a larger down payment signals less risk to the lender, which could get you a better rate.
Other factors that can impact your rate include your credit score, debt-to-income (DTI) ratio, income and property location.
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