A mortgage interest rate tells you how much you’ll have to pay as a fee for borrowing the funds to purchase a home. Interest rates are typically expressed as a percentage of the total amount you’ve borrowed.
Written by Rene Bermudez | Edited by Crissinda Ponder | Updated June 5, 2025The current national mortgage rates forecast indicates that rates are likely to remain high compared to recent years, and stay well above 6% for now. This week, both 30- and 15-year rates went down by less than 0.10 percentage points.
Here are the U.S. weekly average rates from Freddie Mac’s Primary Mortgage Market Survey, as of June 5, 2025:
Mortgage rates fluctuated between 6% and 7% over the last half of 2024, finally crossing the 7% threshold for the first time in over seven months in mid-January. However, they then moved downward for seven weeks in a row. As of this week, they have remained under 7% for 20 weeks.
At their most recent meeting on May 7, the Federal Reserve chose to hold rates steady. The next meeting is scheduled for June 17-18, but a rate cut isn’t likely.
Since making three cuts in 2024, Fed regulators have become more concerned about inflationary pressures. As a result, they’ve indicated that we should expect two cuts in 2025.
Read more about the most recent Fed meeting and how it affects interest rates.
Chief Consumer Finance Analyst at LendingTree |
“I wouldn’t hold my breath for rates to fall below 6%. Even if the Federal Reserve did start cutting interest rates again, there’s no guarantee that mortgage rates will follow suit. In fact, rates have actually gone slightly higher since the Fed started cutting rates back in September.” |
Loan Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed rate | 6.96% | 7.25% |
| 20-year fixed rate | 6.20% | 6.54% |
| 15-year fixed rate | 6.03% | 6.29% |
| 10-year fixed rate | 6.85% | 7.45% |
| FHA 30-year fixed rate | 6.23% | 6.89% |
| 30-year 5/1 ARM | 6.11% | 6.79% |
| VA 30-year 5/1 ARM | 5.80% | 6.31% |
| VA 30-year fixed rate | 6.23% | 6.41% |
| VA 15-year fixed rate | 5.68% | 6.03% |
Boost your credit score to 780 or higher. You’ll need to aim for at least a 780 credit score to qualify for the lowest conventional loan interest rates. Need help getting started? Learn how to improve your credit score.
Make a bigger down payment or borrow less. You’ll snag the best mortgage rates with a 780 credit score and at least a 25% down payment. A lower loan-to-value (LTV) ratio (how much of your home’s value you need to borrow) means lower home loan rate offers.
Reduce your total monthly debt load. Lenders measure your debt-to-income (DTI) ratio by dividing your total monthly debt by your before-tax income. A 43% maximum DTI ratio is a common limit. A debt consolidation calculator can estimate how much a debt consolidation loan could lower your monthly payments.
Consider an adjustable-rate mortgage (ARM). If you plan to move in a few years, an ARM loan starts with lower mortgage interest rates for a period of time. If you sell the home before that lower rate expires, you could save a lot of money in interest compared to a fixed-rate home loan.
Pick a shorter loan term. Lenders usually charge lower interest rates for shorter terms like 15-year loans. If you can afford a higher monthly payment, you’ll save hundreds of thousands of dollars over the life of the loan, according to LendingTree data.
Pay mortgage points. A mortgage point is an upfront fee equal to 1% of your total loan amount. (For example, if you borrow $300,000, one point costs $3,000.) Paying for points buys you a lower mortgage rate. Each point can usually lower your rate by 0.125% to 0.25%. For the exact cost of your mortgage point, you can check Page 2, Section A of your lender loan estimate.
Compare mortgage lenders. Comparing offers from several mortgage lenders saves you money — and not just a few dollars. A LendingTree study found that homebuyers in the nation’s largest metro areas saved an average of $76,410 over the life of their loans by comparing offers from different lenders.
When buying a home, higher mortgage interest rates will raise your monthly principal and interest payments.
For example, say you want to buy a house using a $350,000 home loan. Assuming a 30-year loan term, here’s what your monthly payment could look like at different interest rates (excluding property taxes and home insurance):
Note that if you live in an HOA community or need private mortgage insurance, your monthly payment will be higher.
Use a mortgage calculator to estimate how your interest rate will affect your monthly payment.If you are purchasing a home, there are several ways to lower your monthly home loan payment:
Ready to estimate how much your monthly payment could be? Calculate your mortgage payment and get custom offers below.
Lender | User ratings | LendingTree rating | Min. credit score | |
|---|---|---|---|---|
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 580 to 680 | ||
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 500 to 620 | ||
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 500 | ||
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 620 | ||
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 620 | ||
 | User reviews coming soon | 580 to 620 | ||
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | 580 to 620 |
Learn more about how we chose our list of the best mortgage lenders.The key to choosing a mortgage lender is understanding what lenders are looking for and identifying what you want from a lender. Here are some questions to consider as you shop for a lender:
Ready to get started? Learn how to apply for a mortgage today or enter your loan amount below.