Mortgage Rates Today: As of June 8, 2025, U.S. mortgage and refinance interest rates reflect a mixed pattern, with some rates easing slightly while others rise, keeping the borrowing environment challenging for homebuyers and homeowners looking to refinance.
Current Mortgage Rates Overview
The national average for a 30-year fixed mortgage rate holds steady near 6.85%, while the 15-year fixed rate is at 6.16%, according to the latest Zillow data. Adjustable-rate mortgages (ARMs) are slightly higher, with the 5/1 ARM at 7.16% and the 7/1 ARM at 7.23%.
Mortgage Rates (National Averages) – June 8, 2025
| Loan Type | Current Rate (%) |
|---|---|
| 30-Year Fixed | 6.85 |
| 20-Year Fixed | 6.58 |
| 15-Year Fixed | 6.16 |
| 5/1 ARM | 7.16 |
| 7/1 ARM | 7.23 |
| 30-Year VA | 6.42 |
| 15-Year VA | 5.86 |
| 5/1 VA | 6.44 |
Current Mortgage Refinance Rates
Homeowners looking to refinance face slightly higher rates, with the 30-year fixed refinance rate at 6.89% and the 15-year fixed refinance rate at 6.23%. Adjustable refinance rates are also elevated, with the 5/1 ARM refinance rate at 7.57%.
Mortgage Refinance Rates (National Averages) – June 8, 2025
| Loan Type | Current Refinance Rate (%) |
|---|---|
| 30-Year Fixed | 6.89 |
| 20-Year Fixed | 6.78 |
| 15-Year Fixed | 6.23 |
| 5/1 ARM | 7.57 |
| 7/1 ARM | 7.68 |
| 30-Year VA | 6.51 |
| 15-Year VA | 6.28 |
| 5/1 VA | 6.30 |
Economic Factors Influencing Rates
Mortgage rates continue to be shaped by broader economic conditions such as inflation pressures, Federal Reserve monetary policy, and housing market dynamics.
The Federal Reserve’s ongoing efforts to balance inflation control with economic growth contribute to interest rate volatility. Market experts forecast mortgage rates will likely remain near current levels throughout the summer, with modest shifts depending on economic data and Fed actions.
What Borrowers Should Know
Borrowers should carefully evaluate their options between fixed-rate and adjustable-rate mortgages. Fixed-rate loans offer payment stability, appealing for those prioritizing long-term certainty. ARMs, while starting with lower initial rates, carry risk if market interest rates climb.
Homeowners considering refinancing are advised to factor in current rate trends, credit profiles, and financial goals before proceeding.
The Mortgage Bankers Association projects mortgage rates to stay largely steady through September, hovering around the mid-to-high 6% range for 30-year fixed loans. Any significant economic event could disrupt this outlook, so borrowers should remain informed and consult mortgage professionals to identify the best opportunities.