Mortgage rates ticked higher again Thursday, with Zillow reporting the national average for a 30-year fixed mortgage reached 7.07%—up two basis points from the day before.
This latest bump follows a week of fluctuations, with the 30-year fixed rate slipping just one basis point from last week’s average of 7.08%.
Key takeaways from today’s mortgage rates
- 30-year fixed mortgage: 7.07%
- 15-year fixed mortgage: 6.16%
- 5-year ARM: 7.76%
Rates are based on borrowers with a credit score of 740+ and a down payment of at least 20%. Your rate may differ depending on personal financial factors and location.
Rate trends by loan type
Here’s how common mortgage options stack up today:
Conforming loans (updated May 29, 2025)
- 30-Year Fixed: 7.07% (APR: 7.55%)
- 20-Year Fixed: 7.05% (APR: 7.56%)
- 15-Year Fixed: 6.16% (APR: 6.47%)
- 10-Year Fixed: 6.07% (APR: 6.47%)
- 5-Year ARM: 7.76% (APR: 8.05%)
Government-backed loans
- 30-Year FHA: 7.75% (APR: 8.81%)
- 30-Year VA: 6.53% (APR: 6.75%)
- 15-Year FHA: 5.64% (APR: 6.61%)
- 15-Year VA: 6.13% (APR: 6.49%)
Jumbo loans
- 30-Year Fixed Jumbo: 7.39% (APR: 7.79%)
- 15-Year Fixed Jumbo: 6.79% (APR: 7.04%)
- 5-Year ARM Jumbo: 9.63% (APR: 9.15%)
How to get the best mortgage rate
Your mortgage rate can significantly impact the total cost of your home. Here’s how to secure the most competitive rate:
- Shop multiple lenders: Don’t settle for the first quote—compare offers.
- Boost your credit score: A higher score can mean a lower rate.
- Increase your down payment: Putting down 20% or more often unlocks better rates.
- Explore different loan types: A 15-year fixed or an ARM may save money over time.
- Lock in your rate strategically: Rates change daily; timing can be critical.
What does this mean for buyers?
While rates remain well above the 5% range seen in early 2023, they’ve shown some stabilization after volatile swings. Still, borrowers should prepare for elevated monthly payments and evaluate all loan options carefully.