Mortgage rates have hit a new low for 2025, with the national average 30-year rate at 6.26% and the 15-year rate at 5.41%. This drop has spurred a surge in refinancing applications, with nearly 60% of applications being for refinancing. Current mortgage rates according to Zillow data are as follows: 30-year fixed at 6.39%, 20-year fixed at 5.80%, 15-year fixed at 5.58%, 5/1 ARM at 6.76%, 7/1 ARM at 6.75%, 30-year VA at 5.80%, 15-year VA at 5.34%, and 5/1 VA at 5.70%. Industry forecasts predict stable rates around 6% for the rest of the year and into 2026.

Read more at Yahoo Finance: Lowest rates since last October