Mortgage rates shifted slightly on Thursday, with Zillow reporting the national average for a 30-year fixed mortgage rose to 6.83%. That marks a 1 basis point increase from the previous day and a notable drop from last week’s 6.91%.
Current mortgage rate averages
Here’s where national averages stand for major loan types:
- 30-year fixed: 6.83% (↑ 0.01%)
- 15-year fixed: 5.86% (↓ 0.01%)
- 5-year ARM: 7.79% (↑ 0.23%)
While the 30-year rate ticked higher, both 15-year and adjustable rates saw varied movement, with ARMs jumping significantly, making fixed-rate loans more attractive for risk-averse borrowers.
Weekly rate comparison
Mortgage rates have mostly eased over the past week:
| Loan Type | Current Rate | 1-Week Change |
|---|---|---|
| 30-year fixed | 6.83% | ↓ 0.08% |
| 15-year fixed | 5.86% | ↓ 0.10% |
| FHA 30-year fixed | 6.88% | ↓ 0.45% |
| VA 30-year fixed | 6.29% | ↓ 0.12% |
| Jumbo 30-year | 7.64% | ↑ 0.37% |
What’s driving mortgage rate trends?
The recent dip in rates appears linked to bond market stabilization and moderate inflation data. Analysts point to the Federal Reserve’s ongoing pause in rate hikes as a factor in the easing trend.
However, rate volatility remains. ARM rates, for instance, have surged—reflecting uncertainty about long-term interest trends and investor caution.
Tips to secure the best mortgage rate
Buyers can improve their chances of locking in a better rate by:
- Comparing loan offers from at least three lenders
- Boosting their credit score to 740 or higher
- Increasing their down payment (20% or more helps)
- Exploring fixed vs. adjustable-rate options carefully
Should you lock in a rate now?
With mortgage rates still below early May levels—and signs of market stabilization—locking in now may be smart, especially for buyers planning to close soon. Those holding out for sub-6% 30-year loans may need to wait longer, as no immediate drop appears on the horizon.
More mortgage news
Explore more about Mortgage Rates and Housing Market news. For full rate trends, visit Zillow.