Interest rates on mortgages plummet to nearly a four-week record low.
Ditching those expensive mortgage rates? Monday saw a pleasant drop, trimming the flagship average to a wallet-friendly 6.97%, a level unseen since early May. A slew of other mortgage types followed suit, making it a pretty good day for potential homebuyers.
But remember, rates can vary wildly among lenders, so it's always wise to shop around for the sweetest mortgage deal. Stick to comparing rates regularly, regardless of the type of loan you fancy.
Ready to catch the best mortgage rate today? Let's roll, it's June 6, 2025!
Today's New Purchase Mortgage Rate Averages
Those digging for a new home loan can breathe a sigh of relief as 30-year mortgage rates took a slight dip of 3 basis points on Monday, hitting their cheapest mark in nearly a month. At an average of 6.97%, today's rates represent a significant reduction from the one-year high of 7.15% hit back in mid-May.
Looking farther back, last fall saw a historic plunge: 30-year rates sank to a two-year low of 5.89%, a drop of almost 1.1 percentage points compared to today's rates. On the flipside, rates jumped to an 23-year peak of 8.01% in late 2023, making today's figures look much more bearable.
Rates on 15-year mortgages tumbled a bold 8 basis points on Monday, resulting in a new average of 5.96%. Remember, this is still a substantial improvement compared to mid-April's 6.31% reading, which was the highest average in close to a year. Plus, it's more than 1.1 percentage points below October 2023's 7.08% peak—a 23-year high. But if we go way back, 15-year rates plummeted to 4.97% last September, a two-year low.
Jumbo 30-year mortgage rates also wiggled 8 basis points south on Monday, dropping the average to 6.95%. The previous week witnessed a 10-month high of 7.16%, but last fall, jumbo 30-year rates joyfully sank to 6.24%, their cheapest level in 19 months. On the contrary, the October 2023 8.14% peak is estimated to be the most expensive jumbo 30-year average in over 20 years.
The Weekly Freddie Mac Average
Freddie Mac, that cute little government-sponsored mortgage loan purchaser, releases a weekly average for 30-year mortgages on Thursdays. In the previous week, this weekly average inched up another 3 basis points to 6.89%, but last September, it sank to as low as 6.08%. However, in October 2023, Freddie Mac's weekly average saw a mind-blowing surge to a 23-year peak of 7.79%.
Freddie Mac's average differs from what we talk about here because it's a weekly average that takes into account the past 5 days of rates, while our Investopedia 30-year average is a daily reading, bringing you a more up-to-the-minute view of rate fluctuations. Plus, Freddie Mac's criteria for the included loans, like down payment size, credit score, and points, can differ from our own methodology.
Bookmark our nifty Mortgage Calculator to help you make sense of different loan scenarios.
Disclaimer
Don't count on our numbers to directly compete with those flashy teaser rates you see online. Teaser rates are high-fliers, carefully chosen to catch your eye, perhaps involving advance payments or targeting borrowers with super-high credit scores. The rate you actually snag will depend on factors like your credit score, income, and more, so it may vary from the averages we present here.
Your monthly mortgage payment depends on a variety of factors—home price, down payment size, loan term, property taxes, homeowners insurance, and, of course, interest rate. Mess with our inputs below to get a feel for what your monthly mortgage payment might amount to.
- The 30-year mortgage rate saw a small decrease of 3 basis points, causing it to average at 6.97%. This might signal a more affordable option for those seeking ico (initial coin offering) funds to finance their personal-finance ventures, including purchasing a home.
- As the average token (digital currency) value can also impact an individual's financial situation, it's essential to regularly monitor both mortgage rates and the value of one's digital assets when making financial decisions, particularly in the area of personal-finance.
