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Mortgage Rates Today: June 2, 2025 – 30-Year Rates Steady, 15-Year Rates Down
- Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.86%, down 1.07% from the previous week.
- A 15-year fixed mortgage, with an average APR of 5.90%, could result in lower interest costs, although monthly payments will be higher due to the shorter loan term.
- Refinancing options are available with the average refinance rate being mentioned in the article.
- The total interest paid on a $100,000 30-year loan at 6.86% would amount to $136,903.
- For a 15-year mortgage at 5.85%, the total interest paid on a $100,000 loan would be approximately $50,943.
- The current average rate on a 30-year fixed-rate jumbo mortgage is 7.5%.
- Mortgage rates fluctuated following events such as the Federal Reserve rate cuts and global economic conditions.
- Predictions suggest modest changes in mortgage rates in the near future.
- Factors affecting mortgage rates include U.S. Treasury bond yields, Federal Reserve decisions, and global economic events.
- Improving financial factors like credit score, debt-to-income ratio, and down payment amount can help secure competitive mortgage rates.
- Different loan options such as conventional, FHA, USDA, and VA loans cater to various financial situations and eligibility criteria for home buyers.
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