Mortgage Refinance Rates Today — Mortgage rates across the U.S. held steady on Tuesday, with the average 30-year fixed mortgage rate remaining at 6.81%, according to the latest data from Zillow. Meanwhile, refinance rates showed minor declines, offering a potential opening for homeowners looking to lower their payments or shorten their loan term.
Mortgage Rates Today – Purchase Loans (National Averages)
| Loan Type | Interest Rate |
|---|---|
| 30-Year Fixed | 6.81% |
| 20-Year Fixed | 6.52% |
| 15-Year Fixed | 6.02% |
| 5/1 ARM | 6.88% |
| 30-Year VA | 6.36% |
| 15-Year VA | 5.76% |
These figures reflect national averages and are rounded to the nearest hundredth.
Refinance Rates Today – Lower but Still Elevated
Refinance interest rates continue to track slightly above purchase rates but have cooled compared to last week:
| Loan Type | Interest Rate | Weekly Change |
|---|---|---|
| 30-Year Fixed | 6.92% | -1.06% |
| 20-Year Fixed | 6.79% | -1.15% |
| 15-Year Fixed | 5.84% | -1.53% |
| 30-Year Jumbo | 7.34% | -4.27% |
| 15-Year Jumbo | 6.34% | -0.80% |
According to Forbes’ mortgage calculator, a borrower refinancing $100,000 at today’s 30-year fixed rate of 6.92% would pay roughly $660 per month in principal and interest—amounting to about $138,205 in total interest over the loan’s lifetime.
What’s Driving the Market?
Despite interest rates staying near recent highs, homeowners are beginning to re-enter the market, driven by lifestyle shifts like retirement, job changes, and growing families. “We expect that this lock-in effect will ease as more homeowners grow tired of waiting for significant rate changes,” said Hannah Jones, senior research analyst at Realtor.com.
While many homeowners remain hesitant to give up historically low rates, the broader housing market is slowly adapting to a “new normal” where mid-6% rates could persist for some time.
Refinance vs. Purchase Rates: What to Know
Refinance rates are generally 0.01% to 0.15% higher than purchase mortgage rates. However, borrowers can reduce their rate by:
- Paying closing costs upfront
- Buying mortgage discount points
- Avoiding private mortgage insurance (PMI)
Before deciding to refinance, homeowners should compare their current loan terms against today’s market to estimate potential savings.
What’s Next for Mortgage Rates?
With no major Federal Reserve decision expected this week, rates may continue to hover in this range unless economic indicators push yields higher. The next inflation report, scheduled for mid-June, could have a significant impact on future rate movement.
June 3, 2025 Mortgage Snapshot:
- 30-Year Fixed Purchase: 6.81%
- 30-Year Fixed Refinance: 6.92%
- 15-Year Fixed Refinance: 5.84%
- 30-Year Jumbo Refi: 7.34%
Homebuyers and homeowners alike are advised to act quickly if current rates align with their financial goals, as markets remain highly sensitive to upcoming data and Fed commentary.