Homebuyers and homeowners eyeing a refinance have reason to monitor closely: mortgage rates are shifting again.
As of Monday, June 9, 2025, the national average 30-year fixed mortgage rate dropped to 6.99%, according to Zillow. That’s down from 7.03% just a day earlier. While it matches the average from a week ago, it’s still a key psychological break back below the 7% mark.
Rate summary for June 9, 2025:
- 30-year fixed: 6.99%
- 15-year fixed: 6.12% (down 2 basis points)
- 5-year ARM: 7.88% (up 8 basis points)
Rates for adjustable-rate mortgages (ARMs) are up, but fixed-rate mortgages continue to show modest declines, offering more stability for long-term borrowers.
What it means for buyers and refinancers
With rates dipping below 7%, buyers may see slightly lower monthly payments compared to earlier in the month. For example, a $300,000 mortgage at 6.99% has a monthly principal and interest payment of roughly $1,995, compared to $2,021 at 7.25%.
Refinancers may also find value in locking in today’s lower fixed rates—especially if they previously had an ARM or higher-rate loan.
Government-backed and jumbo loan trends
- FHA 30-year fixed: 6.75%
- VA 30-year fixed: 6.63%
- Jumbo 30-year fixed: 7.40%
Rates on FHA loans have dipped slightly, providing a boost to first-time buyers, especially in higher-priced markets where down payment assistance is crucial.
Rate tips for Finger Lakes home shoppers
Mortgage rates are influenced by a range of factors, including the Federal Reserve’s rate policies, investor sentiment, and borrower profiles such as credit score and down payment size. In the Finger Lakes region, where home values remain moderate compared to national averages, lower mortgage rates can significantly expand affordability.
To secure the best deal:
- Compare lenders: Get at least 3 quotes to find the lowest APR.
- Boost your credit score: Even a 20-point increase can shave off interest.
- Consider loan types: A 15-year fixed offers lower rates but higher monthly costs.
- Watch rate locks: If you’re house hunting, ask about locking in today’s rate.
Bottom line
While mortgage rates remain historically elevated compared to 2021 lows, they are showing signs of gradual easing. Buyers in upstate New York and beyond should stay alert to daily shifts, as even small changes in rates can translate to thousands saved—or lost—over the life of a loan.