Mortgage Rates Today: Mortgage and refinance rates have seen modest shifts heading into the weekend, reflecting the impact of this week’s strong jobs report and rising bond market yields.
According to data from Zillow, the national average 30-year fixed mortgage rate now stands at 7.04%, marking a slight increase from last week’s 7.01%. Refinance rates have also ticked up, with the 30-year fixed refinance option now averaging 7.31%.
Mortgage Rates Today
| Loan Type | Refinance Rate |
|---|---|
| 30-Year Fixed | 6.73% |
| 20-Year Fixed | 6.35% |
| 15-Year Fixed | 5.95% |
| 5/1 ARM | 6.98% |
| 7/1 ARM | 6.97% |
| 30-Year VA | 6.28% |
| 15-Year VA | 5.64% |
| 5/1 VA | 6.28% |
These subtle rate movements come on the heels of stronger-than-expected employment data, which boosted investor confidence and caused a climb in the 10-year Treasury yield, a key driver of mortgage pricing.
What’s Moving Mortgage Rates?
This week’s robust labor market report—showing continued job growth—has renewed optimism about the U.S. economy. However, stronger jobs data often pushes bond yields higher, and as a result, mortgage lenders adjust rates upward.
“Rates haven’t surged, but the upward pressure is clearly there,” said a senior market analyst from Zillow. “With the 10-year Treasury yield moving above 2.5%, we’re likely to see continued fluctuations in borrowing costs over the next few weeks.”
Mortgage Refinance Rates Today
| Loan Type | Refinance Rate |
|---|---|
| 30-Year Fixed | 6.83% |
| 20-Year Fixed | 6.34% |
| 15-Year Fixed | 6.01% |
| 5/1 ARM | 7.44% |
| 7/1 ARM | 7.31% |
| 30-Year VA | 6.32% |
| 15-Year VA | 6.07% |
| 5/1 VA | 6.08% |
Refinance Rates: Is It Still Worth It?
For homeowners thinking of refinancing, now may still be a good time—if you’re holding a mortgage from the ultra-low-rate era. As of June 7, 30-year refinance rates are averaging 7.31%, while 15-year refinance rates have climbed to 6.22%. Notably, the 5-year ARM refinance is up as well, now sitting at 8.06%.
Experts advise locking in a rate sooner rather than later. “We may not return to sub-6% territory anytime soon,” notes a mortgage consultant from Freddie Mac. “If you’re waiting for a significant drop, it might not come in 2025.”
Fixed vs. ARM Loans: Which Is Smarter Right Now?
While fixed-rate loans remain the most stable and popular option, some borrowers are eyeing Adjustable-Rate Mortgages (ARMs) to save upfront. The 5-year ARM is currently at 7.78%, slightly lower than the fixed 30-year but riskier after the initial period.
Financial advisors recommend ARMs only for borrowers who plan to sell or refinance within five years.
2025 Mortgage Outlook: What Experts Expect
Forecasts from key institutions paint a picture of stability with a slight downward drift later in the year:
- Fannie Mae expects mortgage rates to ease toward 6.1% by Q4 2025.
- National Association of Realtors (NAR) predicts an average of 6.4% throughout 2025.
- Mortgage Bankers Association (MBA) anticipates 30-year rates hovering near 6.7% through September.
That said, rates will remain heavily influenced by inflation trends, Federal Reserve policy, and global economic events.
Whether you’re buying or refinancing, today’s mortgage environment requires a strategic approach. While rates are higher than they were a few years ago, they’re showing signs of stabilization. Monitoring the market closely and working with a trusted mortgage advisor can help you lock in the best deal available.