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American Focus > Blog > Economy > Mortgage and refinance interest rates today, June 8, 2025: A sharp turn higher
Economy

Mortgage and refinance interest rates today, June 8, 2025: A sharp turn higher

Last updated: June 8, 2025 6:40 am
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Mortgage and refinance interest rates today, June 8, 2025: A sharp turn higher
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Mortgage rates are on the rise today, with Zillow reporting that the average 30-year fixed interest rate has increased by 12 basis points to 6.85%. Additionally, the 15-year fixed rate has seen a significant jump of 21 basis points to 6.16%.

Looking ahead, the Mortgage Bankers Association forecasts that 30-year rates will remain relatively stable, hovering around 6.7% through September and ending the year close to 6.6%. Barring any unexpected economic shocks, this outlook is expected to hold steady. If you are considering purchasing a home in 2025, it is crucial to work towards securing the lowest mortgage rate possible.

It’s important to note that these figures are national averages and are rounded to the nearest hundredth. The current mortgage rates, according to the latest data from Zillow, are as follows:

– 30-year fixed: 6.85%
– 20-year fixed: 6.58%
– 15-year fixed: 6.16%
– 5/1 ARM: 7.16%
– 7/1 ARM: 7.23%
– 30-year VA: 6.42%
– 15-year VA: 5.86%
– 5/1 VA: 6.44%

For those considering mortgage refinancing, the rates are slightly higher than those for purchasing a home. The current mortgage refinance rates, according to Zillow, are:

– 30-year fixed: 6.89%
– 20-year fixed: 6.78%
– 15-year fixed: 6.23%
– 5/1 ARM: 7.57%
– 7/1 ARM: 7.68%
– 30-year VA: 6.51%
– 15-year VA: 6.28%
– 5/1 VA: 6.30%

When deciding between a 15-year and a 30-year mortgage, it’s essential to consider your short-term and long-term financial goals. A 15-year mortgage typically comes with a lower interest rate, allowing you to pay off your loan sooner and accumulate less interest over time. However, this also means higher monthly payments compared to a 30-year term.

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It’s crucial to understand the difference between fixed-rate and adjustable-rate mortgages. While fixed-rate mortgages offer a consistent interest rate throughout the loan term, adjustable-rate mortgages have a rate that can fluctuate after an initial fixed period. Factors such as the economy and the terms of your contract can influence the rate adjustments.

To secure the lowest mortgage rate, focus on improving your credit score, saving for a larger down payment, and reducing your debt-to-income ratio. While waiting for rates to drop may not be the most effective strategy, taking proactive steps to strengthen your financial profile can help you secure a favorable rate.

When choosing a mortgage lender, consider more than just the interest rate. The mortgage annual percentage rate (APR) provides a comprehensive view of the total borrowing costs, including interest rate, discount points, and fees. Comparing APRs from multiple lenders can help you make an informed decision.

In conclusion, while national average mortgage rates are currently at 6.85% for a 30-year fixed mortgage and 6.16% for a 15-year fixed mortgage, individual rates may vary based on factors such as credit score, down payment, and location. By understanding the nuances of mortgage rates and working towards securing the best possible rate, you can make informed decisions when purchasing or refinancing a home.

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