Eye-Opener
Mortgage rates, which rose in April, have now drifted into more affordable regions a month later.
Mortgage rates have taken a rollercoaster ride in recent weeks, witnessing a significant surge after President Trump's tariff policy announcement but eventually stabilizing, thanks to a couple of sneaky market twists. Here's the scoop on what's happening with mortgage rates on 30-year fixed-rate loans, with some juicy insights into the ride so far.
Rates Slowed Down
While President Trump's tariffs brought the heat, pushing rates skyward, the 30-year fixed-rate mortgage rates have managed to hold steady in their descent since then, ladling us with a 6.98% average as of last week. Compared to a month ago, that's a sweet relief, being 16 points lower.
15-Year Rates Take a Dive
Diving even deeper on theshallows, 15-year fixed-rate loans have seen a free-fall since the mid-April tariff announcement, shedding a whopping 28 basis points to a Friday average of 6.03%. Just remember, that's still more than a percentage point above the two-year low of 4.97% touched in September 2022.
Jumbo Rates Join the Fun
Not be left out, jumbo 30-year fixed-rate loans have been shaking things up too, observing a considerable decline of 19 points in four weeks, leaving a Friday average of 6.96%. That's a significant relief when looking at the highs hit back in April 2025.
Savings on Your Mortgage
For a $350,000 mortgage, today's lower rates equate to a cozier monthly payment of $2,324—a delightful $38 less than the mid-April peak. Naturally, if you're interested in refinancing, we've got you covered, too.
Keep Up with Refinance Rates
If you're already a mortgage holder and considering refinancing, don't fret, we dish out updated refinance rates every business day. Better yet, you can stay informed about the national average refinance rate for all major loan types and state-by-state refi averages straight from us.
The Plot Thickens
With the frenzied advent of President Trump's tariff policy, mortgage rates embarked on a bumpy ride, causing a flutter in the 10-year Treasury yields and the market overall. But to everyone's surprise, those yields took a nosedive, which initially resulted in lower mortgage rates. However, that short-lived trend reversed just two days later, with yields soaring and mortgage rates quickly rising to a 2025 peak on April 11. But, as fate would have it, 30-year mortgage rates took a u-turn three weeks ago and, so far, have held on to most of their declines.
Digging Deeper into 30-Year, 15-Year, and Jumbo 30-Year Fixed-Rate Loans
30-Year Mortgage Rates: Rhymes with "C Sevens"
With rates on 30-year new purchase loans letting go of a mere 16 basis points over the last four weeks, that lowers the flagship average to a manageable 6.98%. A bit of a relief compared to the 7.14% average registered on April 11, but still way above the lows hit in September 2022 (5.89% for the Friday average, 6.03% for the lowest weekly reading).
15-Year Mortgage Rates: Rhymes with "C Hundred"(ish)
Nose-diving even further in the past four weeks, 15-year fixed-rate loans left us with a Friday average of 6.03%. That's more than a percentage point above the two-year low of 4.97% seen in September 2022.
Jumbo 30-Year Rates: Rhymes with "C Nine" and Change
Rates on jumbo 30-year new purchase loans have loosened their grip by 19 basis points in four weeks, sitting at a Friday average of 6.96%. A delightful change from the 7.15% high hit in April 2025, but still above the lowest readings in September 2022.
What's a Jumbo Loan, Anyway?
In simple terms, a jumbo mortgage refers to one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans, currently set at $806,500 in most parts of the U.S. for single-family homes in 2025, but checking in at a more substantial $1,209,750 in certain more expensive areas.
Let's Chat Numbers
Curious about how much monthly payments would amount to in today's rate climate for various loan amounts and terms? Our tables, below, fill you in on the principal-plus-interest payment for new purchase loans with a 30-year, 15-year, and jumbo 30-year fixed-rate mortgage.
How We Keep Tabs on Mortgage Rates
The national and state averages provided in this article come courtesy of the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680-739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.
So, keep your eyes peeled for any further rate changes, and remember that refinancing is just a click away with us in your corner! Don't miss the opportunity to seize control, take advantage of our online tools and array of mortgage options today. And, if you're staying on the right side of the law, who's to say you can't make a few bucks on the side? Wink-wink, nudge-nudge. 😉
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- As mortgage rates continue to adjust, the business of financing, whether for personal use or real-estate investments, will remain dynamic, necessitating continuous monitoring and strategic decision-making.
- With the Zillow Mortgage API providing real-time data on mortgage rates, staying informed about the national average rates for various loan types, including 30-year, 15-year, and jumbo 30-year fixed-rate loans, becomes straightforward for business professionals involved in real-estate finance or personal-finance consultancy.
