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In mid-May, mortgage rates jumped as the bond market reacted to news that President Trump’s proposed tax bill was gaining traction in Congress. Experts warned that passing the bill could widen the federal deficit by extending major tax cuts and increasing long-term government spending. That possibility pushed 10-year Treasury yields sharply higher—triggering a surge in mortgage rates.
But in the three weeks since, mortgage rates have retreated 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.
| Mortgage Type | May 23 averages | Jun 13 averages | 3-week change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 6.91% | – 0.21 |
| FHA 30-Year Fixed | 7.37% | 6.98% | No change |
| VA 30-Year Fixed | 6.73% | 6.62% | – 0.11 |
| 20-Year Fixed | 7.00% | 6.66% | – 0.34 |
| 15-Year Fixed | 6.10% | 5.96% | – 0.14 |
| FHA 15-Year Fixed | 6.78% | 6.82% | No change |
| 10-Year Fixed | 6.16% | 6.00% | – 0.16 |
| 7/6 ARM | 7.44% | 7.28% | – 0.16 |
| 5/6 ARM | 7.41% | 7.11% | – 0.30 |
| Jumbo 30-Year Fixed | 7.10% | 6.90% | – 0.20 |
| Jumbo 15-Year Fixed | 6.99% | 6.67% | – 0.32 |
| Jumbo 7/6 ARM | 7.66% | 7.25% | – 0.41 |
| Jumbo 5/6 ARM | 7.45% | 7.32% | – 0.13 |
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%—its lowest level in nearly 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%.
Rates on 15-year new purchase loans have dropped 14 basis points over the past three weeks, landing at a 5.96% average on Friday. That’s 35 basis points below the 2025 high of 6.31%, but still more than a full percentage point above the two-year low of 4.97% set last September (with a 5.07% low among Friday averages).
Rates on jumbo 30-year new purchase loans have declined a bold 20 basis points since May 23, with Friday’s reading of 6.90% now 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%.
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.
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.
| 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 13 | 6.91% | $1,648 | $2,307 | $2,967 | $3,626 | $4,285 |
| 3-week drop | – 0.21 | – $35 | – $50 | – $63 | – $78 | – $92 |
| 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 13 | 5.96% | $2,104 | $2,946 | $3,788 | $4,629 | $5,471 |
| 3-week drop | – 0.14 | – $19 | – $26 | – $34 | – $42 | – $49 |
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, Jun 13 | 6.90% | $5,269 | $5,927 | $6,586 | $7,245 | $7,903 |
| 3-week drop | – 0.20 | – $107 | – $121 | – $134 | – $147 | – $161 |
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.
