Mortgage rates saw modest movement this week, with the national average 30-year fixed rate climbing to 7.00% as of June 4, 2025, according to Zillow. The 15-year fixed rate also rose to 6.00%, marking a slight increase as borrowers face a competitive lending landscape.
Current national mortgage rates
As of Wednesday, here’s where average rates stand:
- 30-year fixed: 7.00%
- 15-year fixed: 6.00%
- 5-year ARM: 7.14%
The 30-year fixed rate ticked up 3 basis points from the previous day and is now down just 1 basis point compared to last week’s 7.01%.
Week-over-week mortgage rate changes
Compared to last week, here’s how the most common loan programs shifted:
- 30-year fixed: Down 0.01%
- 20-year fixed: Down 0.20%
- 15-year fixed: Down 0.06%
- 10-year fixed: Unchanged
- 7-year ARM: Up 0.08%
- 5-year ARM: Down 0.41%
Government and jumbo loan rates
Rates for government-backed loans and jumbo mortgages show mixed trends:
FHA & VA Loans:
- 30-year FHA: 7.75% (↑ 0.88%)
- 15-year FHA: 5.53% (↓ 0.05%)
- 30-year VA: 6.54% (↑ 0.06%)
Jumbo Loans:
- 30-year fixed jumbo: 7.52%
- 15-year fixed jumbo: 6.55%
- 5-year ARM jumbo: 8.31%
What’s driving mortgage rate trends?
Recent shifts in rates are influenced by:
- Federal Reserve policy expectations and inflation outlook
- Treasury bond yields, which mortgage rates often follow
- Lender competition and regional market dynamics
Though inflation appears to be cooling gradually, uncertainty remains. This makes short-term rate predictions challenging.
Tips to secure the best mortgage rate
If you’re planning to buy or refinance a home, here are key strategies:
- Shop multiple lenders: Use online tools to compare personalized quotes.
- Improve your credit score: Higher credit often means better rates.
- Increase your down payment: 20% or more may unlock lower rates.
- Consider different loan types: 15-year and ARM options may offer lower initial rates.
Should you lock your rate now?
With rates showing daily movement but limited long-term direction, locking in today’s rate may benefit borrowers with imminent purchase or refinance plans. However, if your timeline is flexible, monitoring Fed announcements and market indicators could offer better timing.