Key Takeaways
- After three weeks of gradually climbing, 30-year mortgage rates jumped this past week in response to congressional debate of President Donald Trump’s proposed tax bill.
- Rates on new 30-year fixed-rate loans are now 20 points higher than four weeks ago, sitting at a 7.12% average.
- 15-year rates are up a milder 10 basis points since mid-April, while jumbo 30-year rates have climbed 19 points in four weeks.
- On a new loan of $350,000 with a 30-year term, today’s rates translate into a monthly payment of $2,357. That’s now $47 more per month than in mid-April.
- See our tables below for other loan types and amounts.
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Mortgage Rates Climb for a Fourth Week
Mortgage rates have not been spared from the market chaos unleashed by President Donald Trump’s evolving tariff policy. And now, the administration’s proposed tax bill is additionally making waves in the mortgage lending market.
Two days after President Trump’s early-April tariff announcements triggered a mortgage rate surge, which was followed by a two-week decline. But since then, they’ve resumed climbing. This past week, they 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 because it would extend substantial tax cuts and boost government spending for years. As a result, investors are concerned about its potential impact on the economy, and last week’s bond markets suffered as a result. The 10-year Treasury yield hit its highest mark since February, and when bond yields rise, mortgage rates typically climb as well.
Below, you can see the change in rates over the past four weeks for each new purchase loan average. We then dive deeper into 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Apr 25 averages | May 23 averages | 4-week change |
|---|---|---|---|
| 30-Year Fixed | 6.92% | 7.12% | + 0.20 |
| FHA 30-Year Fixed | 7.37% | 7.37% | No change |
| VA 30-Year Fixed | 6.51% | 6.73% | + 0.22 |
| 20-Year Fixed | 6.66% | 7.00% | + 0.34 |
| 15-Year Fixed | 6.00% | 6.10% | + 0.10 |
| FHA 15-Year Fixed | 6.82% | 6.78% | No change |
| 10-Year Fixed | 5.81% | 6.16% | + 0.35 |
| 7/6 ARM | 7.41% | 7.44% | + 0.03 |
| 5/6 ARM | 7.40% | 7.41% | + 0.01 |
| Jumbo 30-Year Fixed | 6.91% | 7.10% | + 0.19 |
| Jumbo 15-Year Fixed | 6.85% | 6.99% | + 0.14 |
| Jumbo 7/6 ARM | 7.21% | 7.66% | + 0.45 |
| Jumbo 5/6 ARM | 7.48% | 7.45% | – 0.03 |
30-Year Mortgage Rates Are Sitting Near a 1-Year High
After edging 3 basis points higher each of the last three weeks, rates on 30-year new purchase loans shot up 11 points last week. That takes the flagship average up to 7.12%, just barely below the 7.14% peak registered on April 11—its highest level in a year.
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 Creep Further Into 6% Territory
Rates on 15-year new purchase loans have seen a milder climb over the last four weeks, rising just 10 basis points to an average of 6.10% on Friday. That puts the current reading more than 1.1 percentage points above the two-year low of 4.97% registered in September.
Jumbo 30-Year Rates Jump Well Above 7%
Rates on jumbo 30-year new purchase loans shot up 13 basis points last week, for a total of 19 points across four weeks. Friday’s average of 7.10% is just a slight 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, Apr. 25 | 6.92% | $1,650 | $2,310 | $2,970 | $3,630 | $4,290 |
| Fri, May 23 | 7.12% | $1,683 | $2,357 | $3,030 | $3,704 | $4,377 |
| 4-week climb | + 0.20 | + $33 | + $47 | + $60 | + $74 | + $87 |
| 15-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Apr. 25 | 6.00% | $2,110 | $2,953 | $3,797 | $4,641 | $5,485 |
| Fri, May 23 | 6.10% | $2,123 | $2,972 | $3,822 | $4,671 | $5,520 |
| 4-week climb | + 0.10 | + $13 | + $19 | + $25 | + $30 | + $35 |
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, Apr. 25 | 6.91% | $5,274 | $5,933 | $6,593 | $7,252 | $7,911 |
| Fri, May 23 | 7.10% | $5,376 | $6,048 | $6,720 | $7,392 | $8,064 |
| 4-week climb | + 0.19 | + $102 | + $115 | + $127 | + $140 | + $153 |
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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