Rates down: Will they keep falling? - Today's mortgage and refinance rates for June 9, 2025
Mortgage rates fell 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 fell.
Employment data released on June 6 by the Bureau of Labor Statistics showed slowing job growth, with 139,000 jobs added in May 2025, down by 10,000 jobs year-over-year. Unemployment remained steady at 4.2 percent, but the participation rate decreased by 0.2 percent, indicating fewer people are looking for employment. This data comes ahead of the Federal Reserve’s upcoming meeting on June 17 and 18, with many hoping they’ll slash rates. That’s unlikely to happen, though, according to Mike Fratantoni, chief economist and senior vice president for the Mortgage Bankers Association (MBA).
“These data lined up well with market expectations and are likely to keep the Federal Reserve on hold for the next meeting or two,” said Fratantoni in a statement. “If the job market does weaken further this summer, as MBA forecasts, there will likely be two cuts to the federal funds target this year.”
| Mortgage type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.87% | 6.93% | -0.06% |
| 15-year fixed | 6.09% | 6.11% | -0.02% |
| 5/1 ARM | 6.18% | 6.21% | -0.03% |
| 30-year fixed jumbo | 6.89% | 6.90% | -0.01% |
Rates accurate as of June 9, 2025.
The rates listed here are marketplace averages based on the assumptions here. Actual rates available on-site may vary. All rate data is accurate as of Monday, June 9th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year mortgage rate moves down
0.06%
The average rate you'll pay for a 30-year fixed mortgage today is 6.87 percent, down 6 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.88 percent.
At the current average rate, you'll pay principal and interest of $656.59 for every $100,000 you borrow. That's lower by $4.02 than it would have been last week.
Use Bankrate’s mortgage rate calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of the loan.
15-year mortgage rate dips
0.02%
The average rate for the benchmark 15-year fixed mortgage is 6.09 percent, down 2 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $849 per $100,000 borrowed.
5/1 ARM retreats
0.03%
The average rate on a 5/1 adjustable rate mortgage is 6.18 percent, down 3 basis points over the last week.
Monthly payments on a 5/1 ARM at 6.18 percent would cost about $611 for each $100,000 borrowed over the initial five years.
Current jumbo mortgage rate falls
0.01%
The average rate you'll pay for a jumbo mortgage is 6.89 percent, a decrease of 1 basis point over the last seven days. A month ago, the average rate on a jumbo mortgage was higher at 6.94 percent.
At the current average rate, you'll pay $657.93 per month in principal and interest for every $100,000 you borrow. That's a decline of $0.67 from last week.
Mortgage refinance rates
Today's 30-year mortgage refinance rate moves upward
0.05%
The average 30-year fixed-refinance rate is 6.94 percent, up 5 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.96 percent.
At the current average rate, you'll pay $661.28 per month in principal and interest for every $100,000 you borrow. That's up $3.35 from what it would have been last week.
Could mortgage rates go down this year?
It’s hard to say. Recently released minutes from the Federal Reserve’s May meeting underscored concerns about the economic effects of tariffs, particularly stagflation and unemployment. Historically, in a down or uncertain economy, mortgage rates tend to decrease.
Learn more: What happens to mortgage rates in a recession?
Then there’s the tax bill, which could exacerbate the debt and deficit issue, says Mark Hamrick, senior economic analyst for Bankrate.
“That has potential implications for mortgage rates in the intermediate and long terms,” Hamrick says.
How to get a low mortgage rate today
If you're shopping for a mortgage now, here are a few tips to help you get the best possible rate:
- Improve your credit score. While you can get a mortgage with a lower score, the best rates go to borrowers with a 780 or higher. Here are some ways to help increase your credit score before you apply for a mortgage.
- Raise your down payment. If you're buying a home and able to afford it, consider making a higher down payment. You'll borrow less and get a lower rate.
- Shop around. Compare mortgage offers from at least three different lenders.
- Lock your rate. If you were preapproved for an attractive rate but think rates might rise before you find a home, it might make sense to lock in your offer or inquire about a float-down option. With the latter, you'll lock in your lower rate now, but can get an even lower rate if prevailing rates fall.
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.
“These directional signals can help make sure you’re ready to move instantly if rates do go down — and potentially save yourself thousands of dollars over the life of your loan,” Sharga writes.
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.
