After a period of movement, mortgage rates gave homebuyers a moment to catch their breath on Thursday, with the popular 30-year fixed rate holding steady. However, other key rates continued to fall, with the 15-year fixed rate dropping below the 6% threshold for the first time in recent weeks.
This stability, coupled with lower rates on shorter-term loans, presents a unique opportunity for prospective buyers across the country to lock in borrowing costs amid a complex housing market.
Today’s Mortgage Rate Snapshot: June 12, 2025
The national average for a 30-year fixed mortgage remained unchanged at 6.92% on Thursday. This rate is down 7 basis points from the prior week’s average of 6.99%, signaling a continued easing trend over the last seven days.
Here’s a look at the current national average rates for other common loan types:
- 15-Year Fixed-Rate Mortgage: Now at 5.98%, down 2 basis points from yesterday.
- 5-Year Adjustable-Rate Mortgage (ARM): Now at 7.21%, down 9 basis points from yesterday.
Current Mortgage Rates by Loan Type
Rates can vary based on loan type, credit score, and down payment. Here is a detailed breakdown of this week’s changes for conforming, government-backed, and jumbo loans.
| Conforming Loans | Current Rate | 1-Week Change |
|---|---|---|
| 30-Year Fixed-Rate | 6.92% | ▼ 0.06% |
| 15-Year Fixed-Rate | 5.98% | ▼ 0.08% |
| 5-Year ARM | 7.21% | ▼ 0.41% |
| Government Loans | Current Rate | 1-Week Change |
|---|---|---|
| 30-Year Fixed-Rate FHA | 7.31% | ▲ 0.40% |
| 30-Year Fixed-Rate VA | 6.31% | ▼ 0.14% |
| Jumbo Loans | Current Rate | 1-Week Change |
|---|---|---|
| 30-Year Fixed-Rate | 7.98% | ▲ 0.56% |
| 15-Year Fixed-Rate | 6.53% | ▼ 0.23% |
How to Secure the Best Possible Rate
While market trends provide a benchmark, your personal financial situation is what ultimately determines the rate you are offered. To position yourself for the best possible home loan, experts recommend the following steps:
- Shop Around for a Lender: Don’t settle for the first offer. Compare rates and terms from at least three different lenders, including local banks, credit unions, and online mortgage companies, to ensure you get the best deal for your situation.
- Compare Lender Fees: The interest rate is only one part of the cost. Pay close attention to the Annual Percentage Rate (APR), which includes fees and other charges, to understand the true cost of the loan.
- Increase Your Down Payment: Lenders often offer better rates to borrowers with a down payment of 20% or more, as it reduces their risk.
- Improve Your Credit Score: A higher credit score generally leads to a lower interest rate. Before applying for a mortgage, check your credit report for errors and work on paying down high-interest debt to get your score in the best possible shape.
- Consider Different Loan Types: While the 30-year fixed is the most common, it’s not the only option. An ARM may offer a lower initial rate, while a 15-year fixed loan, like the one that just dipped below 6%, can save you thousands in total interest if you can afford the higher monthly payment.
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