Rates decrease: Is it time to refinance? | Current mortgage and refinance rates for June 10, 2025

Mortgage rates trended lower on all loan 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.”

Rates as of June 10, 2025.

The rates listed above are marketplace averages based on the assumptions shown here. Actual rates displayed across the site may vary. All rate data is accurate as of Tuesday, June 10th, 2025 at 6:30 a.m. ET.

The average rate for a 30-year fixed mortgage for today is 6.90 percent, down 7 basis points over the last seven days. Last month on the 10th, the average rate on a 30-year fixed mortgage was lower, at 6.86 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That's a decline of $4.69 from last week.

Use our mortgage calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll pay over the life of your loan.

The average rate you'll pay for a 15-year fixed mortgage is 6.11 percent, down 5 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $850 per $100,000 borrowed.

The average rate on a 5/1 ARM is 6.16 percent, ticking down 1 basis point from a week ago.

Monthly payments on a 5/1 ARM at 6.16 percent would cost about $610 for each $100,000 borrowed over the initial five years.

The average rate for the benchmark jumbo mortgage is 6.93 percent, down 4 basis points since the same time last week. This time a month ago, the average rate on a jumbo mortgage was below that at 6.92 percent.

At the average rate today for a jumbo loan, you'll pay principal and interest of $660.61 for every $100,000 you borrow. That's $2.68 lower, compared with last week.

The average 30-year fixed-refinance rate is 6.97 percent, up 8 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.88 percent.

At the current average rate, you'll pay $663.29 per month in principal and interest for every $100,000 you borrow. That's an extra $5.36 compared with last week.

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. Typically, when the economy slows, mortgage rates retreat.

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.

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.

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.

• Expert poll: Mortgage rate trend predictions this week
• The latest mortgage news this week
• Compare mortgage rates for today

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.

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