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In mid-May, mortgage rates spiked as the bond market reacted to news that President Trump’s proposed tax bill was gaining momentum in Congress. Concerns about the legislation widening the federal deficit pushed 10-year Treasury yields sharply higher—triggering a jump in mortgage rates.
Over the following 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.
But now, mortgage rates have begun to inch back up for many loan types—with three weeks of incremental increases. Fortunately, the upswing so far is modest, keeping most loan averages not far from their recent lows.
Below, we break down how rates have changed for each new purchase loan average. We then take a closer look at 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | June 27 | July 18 | 3-week change |
|---|---|---|---|
| 30-Year Fixed | 6.76% | 6.90% | + 0.14 |
| FHA 30-Year Fixed | 7.55% | 7.55% | + 0.00 |
| VA 30-Year Fixed | 6.44% | 6.57% | + 0.13 |
| 20-Year Fixed | 6.41% | 6.73% | + 0.32 |
| 15-Year Fixed | 5.72% | 5.90% | + 0.18 |
| FHA 15-Year Fixed | 6.76% | 6.76% | + 0.00 |
| 10-Year Fixed | 5.70% | 5.79% | + 0.09 |
| 7/6 ARM | 7.36% | 7.42% | + 0.06 |
| 5/6 ARM | 7.32% | 7.41% | + 0.09 |
| Jumbo 30-Year Fixed | 6.78% | 6.88% | + 0.10 |
| Jumbo 15-Year Fixed | 6.79% | 6.84% | + 0.05 |
| Jumbo 7/6 ARM | 7.11% | 7.12% | + 0.01 |
| Jumbo 5/6 ARM | 7.18% | 7.25% | + 0.07 |
After climbing to a weekly average of 7.12% on May 23, rates on new 30-year purchase loans dropped 36 basis points over the ensuing five weeks. The resulting 6.76% average on June 27 was the second-lowest level for 30-year rates in almost three months.
Rates have now inched up, however. With a three-week increase of 14 basis points, the flagship average moved to 6.90% on Friday. Though higher than the low point three weeks ago, today’s rates are still 22 basis points cheaper than at the May peak.
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, Washington, and Massachusetts.
Rates on 15-year new purchase loans fell a dramatic 38 basis points over five weeks after the May surge, dropping to a June 27 average of 5.72% that was the lowest since late February. But over the past three weeks, 15-year rates added back 18 basis points, rising to a 5.90% average.
Rates on jumbo 30-year new purchase loans fell 32 basis points after hitting a 7.10% average on May 23, dropping to 6.78% by June 27. The average has since climbed 10 basis points to reach 6.88% on Friday.
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.
While today’s rates are elevated compared to last fall and winter, 30-year averages in the 6% range are still an improvement from the many 2025 averages we’ve seen above 7%—including the year-to-date peak of 7.15% in mid-May.
In addition, many experts expect mortgage rates to remain in the mid-6% range for the foreseeable future. That means holding off on buying—even until next year—may not lead to meaningful savings.
Waiting for a Fed rate cut is also an unreliable strategy. There’s no guarantee the Fed will lower rates in 2025, and even if it does, mortgage rates may not respond. In fact, after the Fed made three rate cuts totaling a full percentage point in late 2024, mortgage rates didn’t fall—they surged.
That’s why it’s likely smarter to base your homebuying decision on your financial readiness and finding the right property—rather than trying to time the rate market, which is nearly impossible and may not deliver much pay-off.
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.
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
|---|---|---|---|---|---|---|
| Fri, Jun 27 | 6.76% | $1,623 | $2,272 | $2,922 | $3,571 | $4,220 |
| Fri, Jul 18 | 6.90% | $1,647 | $2,305 | $2,964 | $3,622 | $4,281 |
| 3-week change | + 0.14 | + $24 | + $33 | + $42 | + $51 | + $61 |
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
|---|---|---|---|---|---|---|
| Fri, Jun 27 | 5.72% | $2,072 | $2,901 | $3,730 | $4,558 | $5,387 |
| Fri, Jul 18 | 5.90% | $2,096 | $2,935 | $3,773 | $4,612 | $5,450 |
| 3-week change | + 0.18 | + $24 | + $34 | + $43 | + $54 | + $63 |
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, Jun 27 | 6.78% | $5,205 | $5,855 | $6,506 | $7,157 | $7,807 |
| Fri, Jul 18 | 6.88% | $5,258 | $5,915 | $6,573 | $7,230 | $7,887 |
| 3-week change | + 0.10 | + $53 | + $60 | + $67 | + $73 | + $80 |
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.
