From Yahoo Finance: 2025-06-08 06:00:00

Mortgage rates have risen today, with the average 30-year fixed rate at 6.85% and the 15-year fixed rate at 6.16%. The Mortgage Bankers Association predicts rates to remain near 6.7% through September, potentially dropping to 6.6% by year-end barring any economic shocks.

Current mortgage rates are as follows: 30-year fixed at 6.85%, 20-year fixed at 6.58%, 15-year fixed at 6.16%, 5/1 ARM at 7.16%, 7/1 ARM at 7.23%, 30-year VA at 6.42%, 15-year VA at 5.86%, and 5/1 VA at 6.44%.

These rates, rounded to the nearest hundredth, are national averages, with mortgage refinance rates slightly higher than rates for home purchases. Consider factors like property taxes and insurance when using a mortgage calculator to estimate monthly payments.

When deciding between a 15-year and 30-year mortgage, note that a 15-year term offers a lower interest rate but higher monthly payments. For example, a $300,000 mortgage at 6.85% on a 30-year term would have a $1,966 monthly payment and $407,680 in total interest, while a 15-year term at 6.16% would have a $2,558 monthly payment and $160,364 in total interest.

Fixed-rate mortgages lock in your rate for the loan’s duration, while adjustable-rate mortgages have a fixed rate for a set period before adjusting annually. Adjustable rates may start lower but can increase over time. Check with lenders for current rates before deciding between fixed or adjustable.

Mortgage lenders offer the best rates to those with higher down payments, excellent credit scores, and low debt-to-income ratios. Focus on improving credit and reducing debt to secure a lower rate. Waiting for rates to drop isn’t necessarily the best strategy; instead, focus on personal finances to secure a favorable rate when ready to buy.

When choosing a lender, compare the annual percentage rate (APR) in addition to interest rates, as it includes fees and discount points. Apply for mortgage preapproval with multiple lenders to compare offers accurately and minimize the impact on your credit score.

National average mortgage rates are 6.85% for 30-year fixed and 6.16% for 15-year fixed, but rates vary by location. Rates are typically higher in expensive areas and lower in less expensive regions. Aim for excellent credit, a significant down payment, and a low debt-to-income ratio to secure the best rate.

Read more: Mortgage and refinance interest rates today, June 8, 2025: A sharp turn higher