Overview

• 30-year purchase mortgage rates have declined for four straight days, reaching their lowest level since early May at an average of 6.87%.
• Refinance rates for 30-year loans have dropped each day this week, sliding to a four-day low of 7.04% after peaking at 7.32% in May.
• The Federal Reserve’s third meeting of 2025 ended with a decision to hold the federal funds rate steady, dampening expectations for immediate rate cuts.
• Movements in 10-year Treasury yields and broader bond market trends have been key drivers of the recent slide in mortgage pricing.
• Regional variations remain pronounced, with states like New York, California and Colorado offering the cheapest rates while parts of the West and upper Midwest continue to see higher borrowing costs.