The average interest rate for a 30-year fixed-rate mortgage in the U.S. is 6.813%, according to data from mortgage analytics firm Optimal Blue. This is down slightly by 0.01 percentage points from the previous day and about 0.06 percentage points lower than a week ago.
Here are the current average rates for various mortgage types:
30-year conventional: 6.813% (down from 6.869% a week ago)
30-year jumbo: 6.874% (up from 6.851% a week ago)
30-year FHA: 6.579% (down from 6.609% a week ago)
30-year VA: 6.388% (down from 6.505% a week ago)
30-year USDA: 6.463% (down from 6.563% a week ago)
15-year conventional: 5.974% (up from 5.939% a week ago)
These figures reflect loans locked in as of June 5, according to data reviewed on June 6.
Mortgage rates have hovered near 7% for some time. Many expected rates to fall after the Federal Reserve began cutting rates last September, but that drop was brief. By January 2025, the average 30-year fixed mortgage rate rose above 7% for the first time since May of the previous year.
This is far above the historic low of 2.65% seen in January 2021, when the government was trying to boost the economy amid the pandemic. Experts say rates in the 2% to 3% range are unlikely to return anytime soon. However, rates near 6% could happen if inflation is controlled and lenders feel confident in the economy.
Rates dipped slightly at the end of February, falling closer to 6.5%, and briefly dropped below that mark in early April before rising again.
Uncertainty about government policies and economic factors keeps mortgage rates high. Some homebuyers try to reduce costs by negotiating rate buydowns when buying new homes.
To get the best mortgage rate, applicants should focus on improving their credit score, keeping debt low compared to income, and shopping around with multiple lenders. A credit score above 740 is ideal for securing the lowest rates. Keeping your debt-to-income ratio below 36% also helps.
Mortgage rates today seem high compared to the past 15 years, but historically, rates around 7% are normal. In the 1990s, 7% was typical, and in the early 1980s, rates even exceeded 18%.
This long-term perspective shows that current rates, while challenging for buyers, are not unusually high by historical standards.
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