Rates decrease on mixed jobs report - Mortgage and refinance rates for today, July 4, 2025
Mortgage rates came down across all terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all moved lower.
Mortgage rates move as the economy and other factors shift. The latest jobs report, for June, came in stronger than expected, although there were some downsides reported in the private sector. Still, the report all but confirms the Federal Reserve won't issue a cut this month.
“Taken together, these data indicate a job market that is holding up reasonably well given the uncertainties facing this economy,” says Mike Fratantoni, chief economist for the Mortgage Bankers Association (MBA). “While there are certainly some signs of softening in the private sector, the report is likely to keep the Federal Reserve on hold for now. MBA is still forecasting two cuts from the Fed this year.”
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.68% | 6.75% | -0.07% |
| 15-year fixed | 5.85% | 5.92% | -0.07% |
| 5/1 ARM | 6.04% | 6.08% | -0.04% |
| 30-year fixed jumbo | 6.80% | 6.82% | -0.02% |
Rates as of July 4, 2025.
The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates displayed within the site may vary. All rate data is accurate as of Friday, July 4th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year mortgage rate slides
0.07%
Today's average rate for the benchmark 30-year fixed mortgage is 6.68 percent, down 7 basis points from a week ago. Last month on the 4th, the average rate on a 30-year fixed mortgage was higher, at 6.87 percent.
At the current average rate, you'll pay principal and interest of $643.95 for every $100,000 you borrow. That's down $4.65 from what it would have been last week.
While the 30-year rate is the most popular mortgage term, as with any financial product, the 30-year mortgage has some downsides, including:
- More total interest paid. A 30-year term means you'll pay more overall in interest compared with what you'd pay with a shorter-term loan.
- Higher mortgage rates. Compared to 15-year loans, lenders charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer time span.
- Slower equity growth. The amortization table for a 30-year mortgage reveals a harsh reality: In the early years, almost all of your payments go to interest rather than principal. A 15-year loan brings a higher monthly payment but much faster retirement of the loan amount.
- Buying a pricier house than you should. Just because you might be able to afford more house with a 30-year loan doesn’t mean you should stretch your budget to the breaking point. Give yourself some breathing room for other financial goals and unexpected expenses. Use Bankrate’s home affordability calculator to determine how much house you can afford.
Learn more: What is a fixed-rate mortgage and how does it work?
15-year mortgage rate slides
0.07%
The average rate for a 15-year fixed mortgage is 5.85 percent, down 7 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $836 per $100,000 borrowed.
5/1 ARM rate eases
0.04%
The average rate on a 5/1 ARM is 6.04 percent, ticking down 4 basis points since the same time last week.
Monthly payments on a 5/1 ARM at 6.04 percent would cost about $602 for each $100,000 borrowed over the initial five years.
Jumbo mortgage rate retreats
0.02%
Today's average rate for jumbo mortgages is 6.80 percent, down 2 basis points over the last week. Last month on the 4th, the average rate on a jumbo mortgage was higher at 6.89 percent.
At today's average jumbo rate, you'll pay principal and interest of $651.93 for every $100,000 you borrow. That's a decline of $1.33 from last week.
Mortgage refinance rates
Current 30 year mortgage refinance rate moves up
0.02%
The average 30-year fixed-refinance rate is 6.77 percent, up 2 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.94 percent.
At the current average rate, you'll pay $649.93 per month in principal and interest for every $100,000 you borrow. That's an additional $1.33 per $100,000 compared with last week.
Will mortgage rates stay the same in 2025?
It’s hard to say. The Federal Reserve’s projections in June still indicated two rate cuts this year, which could have a ripple effect on mortgage rates.
“My bets are on December,” Hepp said in a panel talk at the National Association of Real Estate Editors conference in June, adding that the Fed could start signaling a cut as early as September, but inflation will keep policymakers holding rates higher for longer.
Learn more: What happens to mortgage rates in a recession?
Should you buy a home in 2025?
Although mortgage rates remain elevated, ultimately, the right time to buy a home is when you're financially ready to do so. There have been some positive signs as of late for homebuyers, including more homes for sale.
Consider, too, that buying now would allow you to build equity sooner, and potentially avoid facing even more expensive options down the line as home prices keep rising.
“Potential homebuyers are likely to remain cautious unless, and until, the job market begins to improve again, or mortgage rates drop sufficiently to spur more activity," Fratantoni says.
Learn more: Housing market predictions for the rest of 2025
When will it make sense to refinance?
Whether you refinance your mortgage hinges on a few things: your rate today, how rates might move in the future and your long-term plans. We recently ran down four scenarios in which refinancing might make sense for you today, even as rates are elevated. If you got your mortgage recently and your credit score has improved, for instance, you might still be able to get a lower rate.
You also don't necessarily need a significantly lower rate to see savings. It's important to understand what rate you qualify for and do the math for your unique situation.
Learn more: Should you wait for rates to drop a full percentage point before refinancing?
More on current mortgage rates
Methodology
The mortgage rates in this story are derived from our national rate and APR averages. Bankrate’s mortgage rates include these national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate. Learn more about Bankrate’s how we collect, display and report mortgage rates.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
