Today’s Mortgage Rates July 8, 2025: 30-Year Fixed is at 6.84%, Refinance Rates Go Down

Today, July 8, 2025, mortgage rates are showing a slight increase. According to Zillow, the national average for a 30-year fixed mortgage rate is currently 6.84%, up from 6.82% last week. This uptick is part of a broader trend amid market fluctuations influenced by economic factors and variations in the stock market. If you're looking for mortgage or refinancing options, it's essential to understand how these rates can impact your finances and the prospects for future rate changes.

Today's Mortgage Rates July 8, 2025: 30-Year Fixed is at 6.84%, Refinance Rates Go Down

Key Takeaways

• 30-Year Fixed Rate: Currently at 6.84%, up 2 basis points from last week.
• 15-Year Fixed Rate: Stable at 5.88%.
• 5-Year ARM Rate: Decreased to 7.72% from last week’s 7.76%.
• 30-Year Fixed Refinance Rate: Decreased to 7.01%, indicating some relief for current homeowners looking to refinance.
• Interest Rate Environment: Influenced by stock market performance and Federal Reserve policies going forward.

The mortgage market is often viewed through the lens of prevailing interest rates. This is especially true on days like today, when mortgage rates reveal the delicate dance between economic indicators and market performances. On July 8, 2025, the 30-year fixed mortgage rate rose to 6.84%, a slight increase from the previous 6.82%. This rates rise is indicative of broader trends and responses to current economic pressures, particularly as traders react to evolving investment landscapes.

Understanding Mortgage Rates Today

Mortgage rates are essential for anyone considering a home purchase or looking to refinance an existing mortgage. These rates can shift frequently due to changes in the economy, the stock market, and monetary policy decisions. For example, fluctuations in the yield on the 10-year Treasury bond often correlate with mortgage rate changes. When the yield increases, it typically leads to higher mortgage rates.

Current National Average Mortgage Rates 

Program	Rate	1W Change	APR	1W Change
30-Year Fixed Rate	6.84%	+0.02%	7.29%	+0.07%
20-Year Fixed Rate	6.53%	+0.19%	7.04%	+0.34%
15-Year Fixed Rate	5.88%	+0.08%	6.18%	+0.08%
10-Year Fixed Rate	5.58%	-0.04%	5.77%	0.00%
5-Year ARM	7.72%	-0.04%	8.08%	+0.10%
7-Year ARM	7.68%	+0.33%	8.18%	+0.39%

Source: Zillow

Government Loan Programs

Program	Rate	1W Change	APR	1W Change
30-Year Fixed Rate FHA	6.81%	+0.04%	7.84%	+0.03%
30-Year Fixed Rate VA	6.32%	+0.03%	6.54%	+0.04%
15-Year Fixed Rate FHA	5.45%	+0.07%	6.41%	+0.07%
15-Year Fixed Rate VA	5.85%	+0.06%	6.21%	+0.08%

Current Refinance Rates

Refinancing a mortgage can offer significant savings, especially when rates decrease. Interestingly, today’s 30-year fixed refinance rate has dipped to 7.01%, down from 7.04% the previous week. This decrease may provide a golden opportunity for homeowners looking to reduce their monthly payments or access equity in their homes.

Current Refinance Rate Overview

Program	Rate	1W Change	APR	1W Change
30-Year Fixed Refinance	7.01%	-0.03%	7.29%	+0.07%
20-Year Fixed Refinance	6.53%	+0.19%	7.04%	+0.34%
15-Year Fixed Refinance	5.90%	+0.01%	6.18%	+0.08%
10-Year Fixed Refinance	5.58%	-0.04%	5.77%	0.00%
5-Year ARM Refinance	7.49%	-0.36%	8.08%	+0.10%

Source: Zillow

The Effect of Economic Factors on Mortgage Rates

Economic factors play a crucial role in determining mortgage rates. The recent fluctuations can largely be attributed to market reactions to comments made by President Trump regarding proposed tariffs. These tariffs are projected to affect trade dynamics and could lead to unpredictable market behavior. It signals a trend where volatility in one sector may spill over into others, including the mortgage market.

According to an analysis of the current market conditions, the environment is not expected to see drastic drops in mortgage rates through the end of 2025. This is influenced by the Federal Reserve's stance on interest rates. Although there was a cut in the rates in late 2024, the Fed has maintained its current rate during its meetings in 2025, leading to a market perception of stability, at least in the short term.

As per the CME FedWatch tool, there's a 95% chance that the federal funds rate will remain unchanged during its next meeting scheduled for July 30, 2025. This reflects the market's anticipation of a period of stability, which may not bode well for those hoping for significant reductions in mortgage rates.

Why This Matters

Understanding the current mortgage rates and economic conditions is essential for potential homebuyers, current homeowners, and real estate investors. These rates significantly influence purchasing power. A small percentage change in rates can greatly affect affordability—from monthly payments to the overall interest paid throughout the life of a loan.

For instance, if you were to consider a $300,000 mortgage on a 30-year fixed loan at the current average rate of 6.84%, your monthly payment would be approximately $1,951 (not including taxes and insurance). However, if the rate were to drop just half a point to 6.34%, your payment would decrease to around $1,858, ultimately saving you nearly $93 each month.

Conclusion on Current Rates

In summary, the current mortgage rates as of July 8, 2025, reflect a slight upward trend, particularly for 30-year fixed loans, which are now at 6.84%. Meanwhile, refinancing options appear slightly more favorable, with rates decreasing for certain loan types. As economic factors continue to influence the market, potential homebuyers and homeowners looking to refinance should stay updated on rate changes to take advantage of optimal lending opportunities.

Understanding these fluctuations can empower consumers to make informed decisions and capitalize on potential savings.