Mortgage rates continued their downward trend Thursday, with the average rate for a 30-year fixed mortgage falling to 6.87%. This marks the fourth consecutive day of declines and the lowest level for the benchmark rate in six weeks.
Key Rate Drops as of June 13, 2025
| Loan Type | Average Rate | Daily Change |
| 30-Year Fixed | 6.87% | -0.04% |
| 15-Year Fixed | 5.91% | -0.07% |
| Jumbo 30-Year Fixed | 6.84% | -0.06% |
| FHA 30-Year Fixed | 6.95% | -0.08% |
| 5/6 ARM | 7.13% | -0.02% |
Source: Zillow Mortgage API
These numbers reflect more than just a day’s movement. In total, the 30-year fixed has shed 15 basis points over the past four days—a significant shift in a market where small moves can have big cost implications over time.
The latest drop brings the 30-year average down 15 basis points from last week. Rates had reached a one-year high of 7.15% just three weeks ago. Despite recent volatility, today’s average is significantly below last year’s peak of 8.01%, recorded in October 2023.
The 15-year fixed mortgage rate also fell, dropping seven basis points to 5.91%. Jumbo 30-year loans declined as well, averaging 6.84%—down from mid-May’s high of 7.16%. FHA and VA loans, along with adjustable-rate mortgages, saw similar decreases.
Freddie Mac’s weekly average for 30-year rates edged down to 6.84%. While close to the daily reading, the Freddie Mac average is based on a five-day composite and tends to reflect broader market trends over time.
The drop in rates follows mixed economic signals and a Federal Reserve decision to hold the federal funds rate steady. Although the Fed cut rates three times between September and December of last year, it has yet to follow through on any further reductions in 2025. The latest forecast suggests only two additional cuts may come this year.
Mortgage rates are influenced by multiple factors, including bond market activity, inflation data, lender competition, and Fed policy. As a result, rates can fluctuate frequently. Borrowers are encouraged to compare lender offers and consider timing carefully, as the rates they receive may differ from national averages depending on individual credit profiles and loan terms.