Mortgage interest rates have risen slightly, with 30-year fixed rate at 6.73%

From Yahoo Finance: 2025-06-15 06:00:00

Mortgage rates have risen slightly today, with the average 30-year fixed rate at 6.73% and the 15-year fixed rate at 6.00%. The Mortgage Bankers Association forecasts rates to stay around 6.7% through September, but international tensions could change that. If buying in 2025, aim for the lowest rate possible.

Current national averages for mortgage rates are: 30-year fixed at 6.73%, 20-year fixed at 6.52%, 15-year fixed at 6.00%, 5/1 ARM at 6.96%, and 7/1 ARM at 7.40%. These rates are rounded to the nearest hundredth.

Today’s mortgage refinance rates are slightly higher, with the 30-year fixed at 6.81%, 20-year fixed at 6.28%, and 15-year fixed at 6.02%. Refinance rates are often higher than purchase rates, so consider this in your decision-making process.

When choosing between a 15-year and 30-year mortgage, consider your goals. A 15-year mortgage offers a lower interest rate but higher monthly payments, resulting in significant savings over time. A $300,000 mortgage at 6.73% for 30 years equals $1,942 monthly, while a 15-year term at 6.00% is $2,532.

Fixed-rate mortgages lock in your rate for the loan’s entirety, while adjustable-rate mortgages adjust after an initial period. Fixed rates are currently starting lower than some adjustable rates, so discuss options with your lender.

To secure the best mortgage rate, focus on saving for a higher down payment, improving your credit score, and reducing debt. Waiting for rates to drop isn’t the most effective strategy. Apply for preapproval with multiple lenders and compare APR, which includes interest rate, points, and fees.

The national average 30-year mortgage rate is 6.73%, but rates can vary by location. Rates are typically higher in expensive areas and lower in more affordable regions. Factors like credit score, down payment, and DTI ratio can also impact the rate you receive.

Read more: Mortgage and refinance interest rates today, June 15, 2025: A fractional move higher