The average 30-year fixed rate mortgage is 6.9% today, an increase of 0.08% since yesterday. The 15-year fixed mortgage rate stands at 5.91%, up by 0.06%. The 30-year FHA mortgage now averages 6.23%, having risen by 0.09. Meanwhile, the 30-year jumbo mortgage rate is 7.29%, reflecting an increase of 0.11%.
The bigger picture
Rises followed by falls followed by rises followed by ... Mortgage rates are good at creating the illusion of movement while going nowhere fast.Looking at Mortgage News Daily's archive, the average for a 30-year fixed-rate mortgage stood at 6.97% on Friday evening (our number is often a little different) and at 6.91% on May 8.
Yes, there was excitement between those dates. Who wasn't gloomy when those rates peaked at 7.09% and happy when they dipped to 6.89% a couple of times?
But, in the end, they're just 6 basis points (a basis point is 0.01%) higher than they were a month ago. That's not good, but it's not worth getting stressed about.
This week
There's nothing on this week's calendar that's likely to move mortgage rates far before Wednesday. That's when the May consumer price index (CPI) lands. As a major gauge of inflation, it's clearly a potentially important report. But how much impact it has this week will depend on how far its actual numbers differ from market expectations.Thursday's producer price index (PPI) for May tends to be much less consequential for mortgage rates than the CPI. However, markets are looking out for any inflationary effects resulting from tariffs, so any shocks in the PPI could surprise us.
Finally, Friday brings the preliminary consumer sentiment index for June. It's expected to show a slight improvement, but those who'd like lower mortgage rates hope it will disappoint.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.9% | 6.93% | +0.08% | +0.08% |
| 15-Year Fixed | 5.91% | 5.96% | +0.06% | +0.11% |
| 30-Year Fixed FHA | 6.23% | 7.42% | +0.09% | +0.1% |
| 30-Year Fixed VA | 6.33% | 6.48% | +0.08% | +0.02% |
| 30-Year Fixed USDA | 6.14% | 6.28% | +0.03% | -0.09% |
| 30-Year Fixed Jumbo | 7.29% | 7.31% | +0.11% | +0.06% |
| 5/6 Year ARM | 6.9% | 6.95% | +0.25% | -0.01% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.94% | 6.97% | +0.05% | +0.05% |
| 15-Year Fixed | 5.9% | 5.95% | +0.06% | +0.11% |
| 30-Year Fixed FHA | 6.21% | 7.41% | +0.09% | +0.1% |
| 30-Year Fixed VA | 6.38% | 6.53% | +0.08% | -0.02% |
| 5/6 Year ARM | 6.96% | 7% | +0.23% | +-0% |
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 deficits are especially influential at the moment.
Mortgage rates today and tomorrow
There is only one economic report on the MarketWatch economic calendar for each of today and tomorrow. But neither tends to influence mortgage rates much — or at all.
This morning's report comprises wholesale inventories for April. They're expected to fall to 0.0%, down from March's 0.4%. No surprise there. March was when wholesalers were stocking up ahead of the introduction of tariffs.
Tomorrow's report is the small business optimism index for May from the National Federation of Independent Business (NFIB). Markets expect it to show a small improvement, up to 96.0 from 95.8.
Lower-than-expected numbers tend to exert downward pressure on mortgage rates, while higher-than-expected ones usually push those rates upward. On-forecast data often leaves rates unchanged. But we'll be surprised if either of these will affect mortgage rates.
Of course, that doesn't mean mortgage rates will be unchanged today and tomorrow. Any significant tariff announcements or news items about the "One Big Beautiful Bill" could send those rates sharply higher or lower.
