The average 30-year fixed rate mortgage was 6.48% yesterday, a decrease of 0.04% since the day before. The 15-year fixed mortgage rate stood at 5.45%, down by 0.05%. The 30-year FHA mortgage averaged 5.79% yesterday, having dropped by 0.01. Meanwhile, the 30-year jumbo mortgage rate was 6.68%, reflecting a decrease of 0.01%.
The bigger picture
Mortgage rates broke away from Treasury yields yesterday as the former fell and the latter rose. Normally, the two have a pretty close relationship.
That could mean an initial small rise for mortgage rates this morning as lenders update their rate cards. But there's little to suggest that's going to be significant.
After that, it's anyone's guess. But, absent shocking and economically sensitive news, there's no reason to expect any big changes today. No economic reports are scheduled for later.
In any event, mortgage rates have been on a roll since last Friday's poor jobs report, with falls — a couple of them worthwhile — on all but one day.
“The 30-year fixed-rate mortgage dropped to its lowest level since April,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “The decline in rates increases prospective homebuyers’ purchasing power and our research shows that buyers can save thousands by getting quotes from a few different lenders.”
Freddie deals in weekly averages, and puts the one for a 30-year fixed-rate mortgage over the most recent period measured at 6.63%. But our own figures are lower than that, and Mortgage News Daily confirms that rate starts today at its lowest level since October 2024, not April 2025.
We would suggest not banking on mortgage rates remaining as low as they are. Of course, they could fall further, but we shouldn't be surprised were they to return to their pre-jobs report level fairly soon.
Much depends on next week's economic data. Those include the consumer price index (CPI) on Tuesday and retail sales figures on Friday.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.48% | 6.51% | -0.04% | -0.26% |
| 15-Year Fixed | 5.45% | 5.49% | -0.05% | -0.27% |
| 30-Year Fixed FHA | 5.79% | 7% | -0.01% | -0.23% |
| 30-Year Fixed VA | 5.87% | 6.02% | -0.01% | -0.25% |
| 30-Year Fixed USDA | 5.78% | 5.92% | +-0% | -0.28% |
| 30-Year Fixed Jumbo | 6.68% | 6.7% | -0.01% | -0.37% |
| 5/6 Year ARM | 6.5% | 6.54% | -0.01% | -0.3% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.56% | 6.59% | -0.02% | -0.25% |
| 15-Year Fixed | 5.45% | 5.49% | -0.06% | -0.28% |
| 30-Year Fixed FHA | 5.77% | 6.97% | -0.01% | -0.23% |
| 30-Year Fixed VA | 5.9% | 6.04% | -0.03% | -0.27% |
| 5/6 Year ARM | 6.57% | 6.59% | -0.01% | -0.31% |
Coming up
Although economic reports are usually the main drivers of changes to mortgage rates, they're not the only ones. The general mood in markets and economically consequential news can also affect those rates. News items concerning tariffs and deficit funding are especially influential at the moment.
Mortgage rates today
There are no reports on today's MarketWatch economic calendar. And none is scheduled for next Monday.
However, next week brings a couple of important ones, especially on Tuesday and Friday, as mentioned above.
