Mortgage interest rates drop slightly, affecting bond market yields

From Yahoo Finance: 2025-06-10 06:00:00

Mortgage interest rates have dropped today, with the 30-year fixed rate at 6.83% and the 15-year fixed rate at 6.06%. Bond market yields fell as investors awaited news on trade talks and inflation data. The 10-year Treasury fell 0.62% on higher prices, affecting mortgage rates. Refinance rates are usually higher than purchase rates, according to Zillow data.

It’s important to note that these rates are national averages rounded to the nearest hundredth. Mortgage calculators can help predict monthly payments based on different term lengths and interest rates. A 15-year mortgage typically has lower rates than a 30-year mortgage, saving money on interest in the long run. Making extra payments on a 30-year loan can help pay it off faster.

Economists do not anticipate significant drops in mortgage rates before the end of 2025. Rates have mostly increased or remained steady since the Federal Reserve’s rate cuts in 2024. Future mortgage rates will depend on the Fed’s decisions in 2025 meetings. Financial setbacks could impact rate changes in the future.

Today’s 30-year fixed rate for home purchases is 6.83%, while refinances are at 6.93% nationally. Rates may see a slight decrease by the end of 2025 but are not expected to drop significantly. Personal finances and location also influence individual mortgage rates.



Read more at Yahoo Finance: Rates slip ever so slightly lower