Key Takeaways
- After a mid-May jump in response to congressional debate of President Donald Trump’s proposed tax bill, 30-year mortgage rates have now reversed course—falling four of the last five days.
- Rates on new 30-year fixed-rate loans are 13 points lower than a week ago, sitting at a 6.99% average.
- 15-year rates are down 9 basis points across the week, while jumbo 30-year rates have fallen 14 basis points.
- On a new loan of $350,000 with a 30-year term, today’s rates translate into a monthly payment of $2,326. That’s $31 cheaper per month than just a week ago.
- See our tables below for other loan types and amounts.
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Mortgage Rates Halt Their Recent Surge, Falling for Almost Every Loan Type
Just over a week ago, mortgage rates took a large jump higher as the bond market reacted to the possibility that President Trump’s proposed tax bill could become law. Experts say passing the bill could inflate the federal deficit since it would extend substantial tax cuts and boost government spending for years. That mere prospect shot 10-year Treasury yields higher—and in turn, caused a mortgage rate surge.
But in the five market days since, mortgage rates have retreated every day but one, dropping the major new purchase averages back to 3-week and 4-week lows.
Below, you can see the change in rates over the past week for each new purchase loan average. We then dive deeper into 30-year, 15-year, and jumbo 30-year fixed-rate loans.
Weekly Change of New Purchase Mortgage Rates by Loan Type
| Mortgage Type | May 23 averages | May 30 averages | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 6.99% | – 0.13 |
| FHA 30-Year Fixed | 7.37% | 7.37% | No change |
| VA 30-Year Fixed | 6.73% | 6.65% | – 0.08 |
| 20-Year Fixed | 7.00% | 6.78% | – 0.22 |
| 15-Year Fixed | 6.10% | 6.01% | – 0.09 |
| FHA 15-Year Fixed | 6.78% | 6.78% | No change |
| 10-Year Fixed | 6.16% | 5.92% | – 0.24 |
| 7/6 ARM | 7.44% | 7.29% | – 0.15 |
| 5/6 ARM | 7.41% | 7.14% | – 0.27 |
| Jumbo 30-Year Fixed | 7.10% | 6.96% | – 0.14 |
| Jumbo 15-Year Fixed | 6.99% | 6.71% | – 0.28 |
| Jumbo 7/6 ARM | 7.66% | 7.41% | – 0.25 |
| Jumbo 5/6 ARM | 7.45% | 7.44% | – 0.01 |
30-Year Mortgage Rates Have Erased the Trump Tax Bill Bump—And Then Some
After shooting up to 7.12% to end the week on May 23, rates on 30-year new purchase loans saw their rate momentum shift last week. Retreating 13 points, the flagship average is back down to 6.99%—its cheapest level in three weeks.
However, things were much better in September, when the 30-year average plunged to a two-year low of 5.89% (the cheapest Friday average being 6.03%). So far this year, the lowest weekly reading has been 6.55%.
15-Year Mortgage Rates Drop Back Near 6%
Rates on 15-year new purchase loans fell a milder 9 basis points last week, dropping to an average of 6.01% on Friday. That’s a full 30 basis points below the 2025 high of 6.31%. But it’s also more than a percentage point above the two-year low of 4.97% registered in September (with a 5.07% low among Friday weekly averages).
Jumbo 30-Year Rates Sink Under 7% Again
Rates on jumbo 30-year new purchase loans fell a bold 14 basis points last week, pushing the average back below the 7% threshold. Friday’s reading of 6.96% is an improvement vs. the 2025 high of 7.15%. In contrast, September rates on new 30-year jumbo loans sank as far as 6.24%, with the lowest weekly average registering at 6.39%.
What’s a jumbo loan?
A jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—$806,500 for single-family homes in most parts of the U.S. in 2025, but up to $1,209,750 in certain more expensive areas.
Here’s How Much Monthly Payments Are Today
To see how much this week’s rate increases would impact monthly payments for new borrowers, our tables below lay out the principal-plus-interest payment for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.
30-Year Loan Monthly Mortgage Payments
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
|---|---|---|---|---|---|---|
| Fri, May 23 | 7.12% | $1,683 | $2,357 | $3,030 | $3,704 | $4,377 |
| Fri, May 30 | 6.99% | $1,662 | $2,326 | $2,991 | $3,655 | $4,320 |
| 1-week climb | – 0.13 | – $21 | – $31 | – $39 | – $49 | – $57 |
15-Year Loan Monthly Mortgage Payments
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
|---|---|---|---|---|---|---|
| Fri, May. 23 | 6.10% | $2,123 | $2,972 | $3,822 | $4,671 | $5,520 |
| Fri, May 30 | 6.01% | $2,111 | $2,955 | $3,800 | $4,644 | $5,489 |
| 1-week climb | – 0.09 | – $12 | – $17 | – $22 | – $27 | – $31 |
By definition, jumbo 30-year mortgages are larger loans. So below we’ve run our calculations on loan amounts of $800,000 to $1.2 million.
Jumbo 30-Year Loan Monthly Mortgage Payments
| National average rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
|---|---|---|---|---|---|---|
| Fri, May. 23 | 7.10% | $5,376 | $6,048 | $6,720 | $7,392 | $8,064 |
| Fri, May 30 | 6.96% | $5,301 | $5,964 | $6,626 | $7,289 | $7,951 |
| 1-week climb | – 0.14 | – $75 | – $84 | – $94 | – $103 | – $113 |
How We Track Mortgage Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.
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