Mortgage Rates Decline to 2025 Lows After Recent Surge

National averages for 30-year fixed mortgages and refinances fall to their cheapest levels of the year following a week of mixed rate movements.

The national average for 30-year refinance rates dropped to 7.09%, the lowest level in 2025 so far, after a five-day decline of 21 basis points.
Rates for 30-year fixed purchase mortgages also fell to 6.94%, matching their lowest average of the year and providing relief after last week's peak of 7.13%.
Other loan types, such as 15-year fixed and jumbo 30-year mortgages, showed mixed movement, with minor fluctuations in daily averages.
The Federal Reserve's recent rate cuts and scaled-back projections for 2025 reductions have influenced bond yields, indirectly impacting mortgage rates.
Borrowers are advised to shop around for the best rates, as state-level variations and lender-specific factors can lead to significant differences in available offers.