Mortgage rates on Monday continue to show mixed signals as the housing market enters the second half of the year. According to Zillow, the national average 30-year fixed mortgage rate remains steady at 6.76%, unchanged from the day prior but 3 basis points lower than last week’s 6.79%.
Meanwhile, the average rate for a 15-year fixed mortgage has edged up by 1 basis point to 5.77%, and the 5-year adjustable-rate mortgage (ARM) saw a sharper increase of 5 basis points, reaching 7.65%.
Week-over-week mortgage rate changes
Here’s how popular loan products have moved since last week:
- 30-Year Fixed: 6.76% (↓ 0.03%)
- 15-Year Fixed: 5.77% (↑ 0.01%)
- 5-Year ARM: 7.65% (↑ 0.05%)
Government-backed and jumbo loans also saw fluctuations, notably:
- 30-Year FHA: 7.36% (↑ 0.12%)
- 15-Year VA: 5.57% (↓ 0.21%)
- 30-Year Jumbo: 7.03% (↓ 0.12%)
- 5-Year ARM Jumbo: 6.62% (↓ 0.86%)
Historical perspective and 90-day trend
Over the past 90 days, the 30-year fixed rate has gradually declined from a high of 6.96% in January to today’s 6.76%, demonstrating a relatively stable trend amid broader economic uncertainties.
For 15-year fixed loans, rates hovered between 5.83% and 6.15%, while 5-year ARM loans fluctuated significantly, climbing from 6.32% in early April to today’s 7.65%, their highest point in nearly three months.
Economic influences and July outlook
Experts anticipate rates will remain within the mid-to-upper 6% range through July. The Federal Reserve’s cautious approach, global trade tensions, and inflation dynamics continue to influence borrowing costs. Despite expectations of potential rate cuts later in the year, no significant shift is forecast in the immediate term.
- Freddie Mac recently reported a 30-year fixed average of 6.77%, marking 23 consecutive weeks under 7%.
- Realtor.com and First American economists predict continued moderation, barring any inflation surprises or geopolitical escalations.
What is a good mortgage rate?
A “good” rate depends on individual factors such as credit score, loan type, down payment size, and lender fees. Generally:
- Excellent credit (740+): Access to lowest available rates
- 20%+ down payment: May qualify for better tiers
- Lower APRs: Reflect reduced fees, not just interest
How to get the best mortgage rate
Borrowers can improve their chances of securing a competitive rate by:
- Shopping multiple lenders for personalized quotes
- Improving credit scores before applying
- Increasing down payments to hit better pricing brackets
- Comparing APRs, not just base rates
- Timing the market, particularly when rate cuts are anticipated
Should you buy or refinance now?
With rates historically below the 50-year average of 7.8%, locking in today’s rate—especially a fixed one—may be smart for those ready to act. However, adjustable-rate products could offer savings upfront but come with long-term uncertainty.
Key takeaways for June 30
- 30-year fixed mortgage rates remain stable at 6.76%
- 15-year fixed rates tick up slightly; ARM loans show sharper increases
- Economic conditions suggest rates will stay steady or moderate slightly in July
- Shoppers should get pre-approved and compare lenders to optimize savings
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