Homebuyers and those looking to refinance received more welcome news Wednesday as mortgage rates continued their downward trend. The national average for a 30-year fixed mortgage, the most popular home loan in the U.S., fell to 6.93%, offering a potential window of opportunity for borrowers to lock in lower monthly payments.
This latest dip, reported on June 11, 2025, marks a 3 basis point drop from the previous day and continues a week of declining rates. For anyone considering a home purchase or a refinance, understanding these daily shifts is key to making a savvy financial decision.
Today’s Mortgage Rate Snapshot: June 11, 2025
Across the board, rates saw a decrease, providing some relief in a housing market that has been challenging for many. Here’s a look at the current national average rates for the most common loan types:
- 30-Year Fixed-Rate Mortgage: 6.93% (down 3 basis points from yesterday)
- 15-Year Fixed-Rate Mortgage: 6.00% (down 4 basis points from yesterday)
- 5-Year Adjustable-Rate Mortgage (ARM): 7.03% (down 30 basis points from yesterday)
Compared to last week, the 30-year fixed rate is down 6 basis points from 6.99%, indicating a consistent, albeit modest, easing in borrowing costs.
Current Mortgage Rates by Loan Type
Rates can vary significantly based on the type of loan and the borrower’s financial standing. Here is a detailed breakdown of this week’s changes for conforming, government-backed, and jumbo loans.
| Conforming Loans | Current Rate | 1-Week Change | Current APR | 1-Week Change |
|---|---|---|---|---|
| 30-Year Fixed-Rate | 6.93% | ▼ 0.06% | 7.38% | ▼ 0.07% |
| 15-Year Fixed-Rate | 6.00% | ▼ 0.07% | 6.29% | ▼ 0.08% |
| 5-Year ARM | 7.03% | ▼ 0.59% | 7.70% | ▼ 0.30% |
| Government Loans | Current Rate | 1-Week Change | Current APR | 1-Week Change |
|---|---|---|---|---|
| 30-Year Fixed-Rate FHA | 6.75% | ▼ 0.16% | 7.81% | ▼ 0.13% |
| 30-Year Fixed-Rate VA | 6.29% | ▼ 0.16% | 6.51% | ▼ 0.15% |
| Jumbo Loans | Current Rate | 1-Week Change | Current APR | 1-Week Change |
|---|---|---|---|---|
| 30-Year Fixed-Rate | 7.70% | ▲ 0.28% | 8.09% | ▲ 0.28% |
| 5-Year ARM Jumbo | 8.25% | ▲ 0.58% | 8.44% | ▲ 0.39% |
How to Secure the Best Mortgage Rate
While market trends set the stage, your personal financial health plays the leading role in the rate you’re offered. Here are five actionable steps you can take to secure the best possible mortgage rate:
- Shop Around for a Lender: Don’t settle for the first offer. Compare rates and terms from at least three different lenders, including banks, credit unions, and online mortgage companies.
- Compare Lender Fees: The interest rate is only part of the story. Pay close attention to the Annual Percentage Rate (APR), which includes lender fees and other costs, to understand the true cost of the loan.
- Boost Your Down Payment: A larger down payment, ideally 20% or more, reduces the lender’s risk and can often result in a lower interest rate.
- Improve Your Credit Score: A higher credit score signals to lenders that you are a reliable borrower. Before applying, check your credit report for errors and work on paying down high-interest debt.
- Consider Different Loan Options: The standard 30-year fixed mortgage is not your only choice. An Adjustable-Rate Mortgage (ARM) might offer a lower initial rate, while a 15-year fixed loan could save you thousands in interest over time if you can afford the higher monthly payment.
Frequently Asked Questions About Mortgages
What is the difference between an interest rate and APR? The interest rate is the cost of borrowing the principal loan amount. The APR, or Annual Percentage Rate, is a broader measure of the cost of your mortgage, as it includes the interest rate plus other charges like lender fees, closing costs, and mortgage insurance.
When should I lock in my mortgage rate? A rate lock freezes your interest rate for a set period, typically 30 to 60 days, protecting you from potential rate increases before you close on your home. If you are comfortable with the rate and your loan application is in its final stages, it is generally a good time to lock.
How does the Federal Reserve affect mortgage rates? The Federal Reserve does not directly set mortgage rates. However, its decisions on the federal funds rate influence the bond market, particularly the yield on 10-year Treasury notes, which mortgage rates tend to follow. When the Fed raises its rate to curb inflation, mortgage rates typically rise as well.
With rates showing a favorable dip, now could be an excellent time to connect with a lender and explore your options. A lower rate can significantly reduce your monthly payment and the total interest you pay over the life of the loan.