Mortgage rates remained mostly stable heading into Memorial Day weekend, with the average 30-year fixed rate holding at 7.13% as of May 23, 2025, according to Zillow. Here’s a breakdown of how today’s rates compare across different loan types and what borrowers should know before locking in a loan.
Today’s national mortgage rates
- 30-year fixed: 7.13% (unchanged from last week)
- 15-year fixed: 6.14% (down 0.01%)
- 5-year ARM: 8.04% (up 0.02%)
These averages reflect rates offered to borrowers with excellent credit (740+) and a 20% down payment on conforming loans.
Weekly mortgage rate changes by loan type
| Loan Type | Rate | 1W Change | APR | 1W Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.13% | +0.12% | 7.55% | +0.07% |
| 20-Year Fixed | 7.09% | +0.21% | 7.55% | +0.33% |
| 15-Year Fixed | 6.14% | +0.03% | 6.41% | No change |
| 10-Year Fixed | 6.07% | –0.20% | 6.47% | +0.10% |
| 5-Year ARM | 8.04% | +0.26% | 8.16% | +0.09% |
Government-backed and jumbo loans
| Loan Program | Rate | 1W Change | APR | 1W Change |
|---|---|---|---|---|
| FHA 30-Year Fixed | 5.75% | –1.16% | 6.85% | –1.10% |
| VA 30-Year Fixed | 6.47% | +0.01% | 6.69% | +0.02% |
| Jumbo 30-Year Fixed | 7.63% | +0.10% | 8.11% | +0.15% |
What affects your mortgage rate?
Mortgage rates are influenced by factors including:
- Credit score: Higher scores typically receive better rates.
- Down payment size: A 20% down payment often unlocks lower rates.
- Loan type and term: ARMs may offer lower initial rates but adjust later.
- Lender choice: Shopping around for lenders can reveal lower rate options.
- Market trends: Rates fluctuate daily based on economic data and Federal Reserve policy.
How to get the best mortgage rate
Borrowers can take steps to reduce their mortgage costs:
- Compare at least three lenders for rate and APR.
- Improve your credit score before applying.
- Make a larger down payment if possible.
- Review loan estimates to avoid high fees.
- Lock your rate when it aligns with your budget.
What’s next?
While the 30-year fixed remains steady, borrowers should continue monitoring trends—especially with potential Fed policy changes on the horizon. Rates can shift quickly, so timing and preparation are key to securing the best deal.
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