Mortgage rates today: 30-year fixed average rises to 7.03%

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Mortgage rates nudged higher again Tuesday, with the national average for a 30-year fixed mortgage now sitting at 7.03%, according to the latest Zillow data. Rates for 15-year fixed and adjustable-rate mortgages (ARMs) also saw modest increases.

Current average mortgage rates

As of June 3, 2025, here are the latest national averages for major loan types:

  • 30-Year Fixed: 7.03% (+0.03%)
  • 15-Year Fixed: 6.11% (+0.04%)
  • 5-Year ARM: 7.28% (no change)
  • 7-Year ARM: 7.56% (+0.01%)
  • FHA 30-Year Fixed: 7.75% (+0.88%)
  • VA 30-Year Fixed: 6.56% (+0.08%)
  • Jumbo 30-Year Fixed: 7.19% (−0.34%)

Week-over-week changes

Compared to last week:

  • The 30-year fixed rate rose 2 basis points (from 7.01%).
  • The 15-year fixed increased by 4 basis points (from 6.07%).
  • The 5-year ARM remained unchanged.

Government-backed and jumbo loans showed more volatility, with FHA rates spiking nearly a full percentage point week-over-week.

What’s driving mortgage rate trends?

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Several factors continue to pressure mortgage rates upward:

  • Sticky inflation: Recent consumer price data has dashed hopes for quick Federal Reserve rate cuts.
  • Bond market fluctuations: Treasury yields, which mortgage rates typically follow, remain elevated.
  • Uncertainty around Fed policy: Mixed economic signals are leaving investors and lenders cautious.

How to secure the best mortgage rate

Even with rates climbing, borrowers can still take steps to minimize costs:

  • Shop multiple lenders to compare offers and fees.
  • Boost your credit score before applying.
  • Increase your down payment to access better rate tiers.
  • Explore different loan options, such as ARMs or shorter terms.
  • Consider timing: Locking a rate when favorable conditions appear can save thousands long-term.

Should you buy or refinance now?

If you’re considering a purchase or refinance, timing is key. Rates are trending upward, but daily fluctuations present short-term opportunities. Buyers with strong credit and solid financials may benefit by acting before further increases occur.

Key takeaways

  • Mortgage rates rose slightly, with the 30-year fixed now at 7.03%.
  • Economic uncertainty and inflation concerns continue to drive rate volatility.
  • Smart borrowing strategies can still lower total loan costs.


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