Mortgage Rates Today – July 12, 2025: Rates Rise Across the Board for All Loan Types

As of today, July 12, 2025, mortgage rates have experienced a notable uptick, with the national 30-year fixed mortgage rates increasing to 6.87%. This marks an increase of 10 basis points from last week's rate of 6.77%. If you're contemplating a mortgage or refinancing your existing loan, understanding these rate shifts is crucial.

Mortgage Rates Today – July 12, 2025: Rates Rise Across the Board for All Loan Types

Key Takeaways:

• Current 30-Year Fixed Mortgage Rate: 6.87%
• Current 15-Year Fixed Mortgage Rate: 5.90%
• Current 5-Year ARM Rate: 7.92%
• Refinance 30-Year Fixed Rate: 7.20%, up from 7.10%
• Overall rates for both purchases and refinancing have seen minimal fluctuations but generally trend upwards since last week.

Understanding Today's Mortgage Rates

With various options available, today’s mortgage rates represent an essential aspect of the buying and refinancing process. According to Zillow, the 30-year fixed mortgage rate has reached 6.87%, reflecting a slight increase of 10 basis points from the previous week. Similarly, the 15-year fixed mortgage rate has increased to 5.90%, up from 5.89%.

These changes significantly affect monthly payments, total interest, and home affordability. Take a look at the detailed mortgage rates below from Zillow:

Current Mortgage Rates Comparison Table

Mortgage Type	Rate	1 Week Change	APR	1 Week Change
30-Year Fixed Rate	6.87%	+0.10%	7.33%	+0.10%
20-Year Fixed Rate	6.44%	+0.09%	6.81%	+0.12%
15-Year Fixed Rate	5.90%	+0.09%	6.20%	+0.10%
10-Year Fixed Rate	5.78%	+0.17%	5.99%	+0.22%
7-Year ARM	7.74%	+0.39%	8.22%	+0.42%
5-Year ARM	7.92%	+0.32%	8.19%	+0.20%
3-Year ARM	N/A	0.00%	N/A	0.00%

In contrast, government-backed loans show mixed trends: the FHA's 30-Year Fixed Rate has decreased to 6.50%, while the VA's 30-Year Fixed Rate has edged up slightly to 6.42%.

Current Refinance Rates Overview

For those considering refinancing, the current rates are just as crucial. The 30-year fixed refinance rates have risen to 7.20%, signaling a 10 basis point increase from last week’s average of 7.10%.

Here is a snapshot of refinancing rates on July 12, 2025:

Refinance Program	Rate	1 Week Change	APR	1 Week Change
30-Year Fixed	7.20%	+0.10%	7.33%	+0.10%
20-Year Fixed	6.44%	+0.09%	6.81%	+0.12%
15-Year Fixed	5.90%	+0.09%	6.20%	+0.10%
10-Year Fixed	5.78%	+0.17%	5.99%	+0.22%
5-Year ARM	7.92%	+0.32%	8.19%	+0.20%

It's vital for homeowners to consider their options carefully when deciding to refinance, especially given the higher rates than those seen in previous years. The decision should weigh the overall cost against potential benefits.

Is Right Now a Good Time to Refinance?

Determining whether it’s a suitable time to refinance involves evaluating several factors, including current rates, long-term savings, and your financial situation. Currently, with the 30-year fixed refinance rate at 7.20%, it's essential to consider if this reflects an improvement over your existing mortgage rate.

• Savings Calculation: For example, if you currently hold a mortgage at 7.5% and can refinance to 7.20%, the lower rate might yield savings over time, even if the rates seem high historically. It's advantageous to perform a thorough cost-benefit analysis.
• Break-Even Point: Calculate how long it will take to recoup the costs associated with refinancing. This is your break-even point, where recalculating your monthly payment against refinancing costs can help decide if this move is financially prudent.

30-Year vs 15-Year Mortgage Rates

When considering mortgage options, understanding the difference between a 30-year fixed mortgage and a 15-year fixed mortgage is crucial.

30-Year Fixed Mortgage

A 30-year fixed mortgage allows borrowers to spread their payments over a longer duration, resulting in lower monthly payments. However, this comes at the cost of paying higher interest over the life of the loan.

• Current Rate: 6.87%
• Monthly Payments: For a loan amount of $250,000, the monthly payment would be approximately $1,646 (not including taxes and insurance).

15-Year Fixed Mortgage

A 15-year fixed mortgage has significantly higher monthly payments compared to a 30-year mortgage, but it has a lower interest rate and allows the borrower to pay off the loan much faster.

• Current Rate: 5.90%
• Monthly Payments: On the same $250,000 loan, the monthly payment would be approximately $2,036 (not including taxes and insurance).

While borrowers save on interest payments over the term with a 15-year mortgage, the larger payments may strain a monthly budget.

Federal Reserve's Impact on Mortgage Rates

The Federal Reserve influences mortgage rates through its monetary policy, which has changed significantly since the pandemic.

Recent Actions by the Federal Reserve

Recently, the Fed reduced rates to stimulate the economy, but ongoing inflation pressures complicate decisions about future cuts.

• Expectations for Future Cuts: Analysts project possible rate cuts in late 2025, but it remains to be seen how these changes will directly affect mortgage rates.

Keeping an eye on the Federal Reserve’s announcements and economic forecasts can provide insight into future mortgage rate trends.

In summary, mortgage rates today have risen slightly, with the 30-year fixed rate at 6.87%. The implications of these rates are significant, especially for refinancing decisions and choosing between 30-year and 15-year mortgage options. Understanding these elements will help you make informed decisions as you navigate your mortgage options in the current financial landscape.