Today’s Mortgage Rates – June 24, 2025: Rates Dip With 30-Year FRM Down to 6.85%

As of today, June 24, 2025, the national average for 30-year fixed mortgage rates has dropped to 6.85%, which is a slight decrease from the previous week, making mortgages a bit more affordable. Notably, the 15-year fixed mortgage rate has also decreased to 5.88%. If you are considering buying a home or refinancing, these current rates present a potentially advantageous opportunity.

Today's Mortgage Rates – June 24, 2025: Rates Dip With 30-Year FRM Down to 6.85%

Key Takeaways:

• 30-Year Fixed Mortgage Rate: 6.85% (dropped from 6.86%)
• 15-Year Fixed Mortgage Rate: 5.88% (dropped from 5.91%)
• Average 30-Year Refinance Rate: 7.13% (up from 7.11%)
• Expectations: Future rates may stabilize around 6.4% to 6.6% through 2025.
• Impact on Affordability: Lower rates can contribute to a decrease in monthly payments for new loans.

Current Mortgage Rates Overview

According to data from Zillow, today’s mortgage rates have shown marginal fluctuations. Here's a table summarizing the mortgage rates by loan type as of June 24, 2025:

Loan Type	Current Rate	1-Week Change	APR	1-Week Change
30-Year Fixed Rate	6.85%	-0.06%	7.32%	-0.06%
15-Year Fixed Rate	5.88%	-0.08%	6.19%	-0.08%
20-Year Fixed Rate	6.51%	-0.07%	7.01%	+0.06%
10-Year Fixed Rate	5.85%	-0.08%	6.04%	-0.03%
5-Year ARM	7.10%	-0.10%	7.78%	-0.02%
30-Year FHA Loan	7.75%	+0.43%	8.79%	+0.43%

The 30-year fixed rate mortgage remains a favorite for many homebuyers due to its stability and predictability over three decades. Given the lower current rates, buyers might want to consider locking in a rate while they can.

Today's Refinance Rates

For those looking to refinance, the national average 30-year fixed refinance rate is currently at 7.13%, which has shown a slight uptick from 7.11% last week. This is a critical factor for homeowners considering refinancing to reduce their monthly payments or consolidate debt. Below is a table of current refinance rates:

Refinance Loan Type	Current Rate	1-Week Change	APR	1-Week Change
30-Year Fixed Rate	7.13%	+0.02%	7.32%	-0.06%
15-Year Fixed Rate	5.96%	-0.01%	6.19%	-0.08%
20-Year Fixed Rate	6.51%	-0.07%	7.01%	+0.06%
5-Year ARM	7.12%	+0.46%	7.78%	-0.02%

With these refinance rates, homeowners are encouraged to evaluate their current mortgage plan.

Monthly Payment Calculations Based on Today's Rates

Calculating monthly payments based on current mortgage rates can help potential buyers and current homeowners understand their financial commitments. Below are mortgage payment estimates for various loan amounts under current rates.

Monthly Payment on $150,000 Mortgage

For a 30-year fixed mortgage rate of 6.85%, the estimated monthly payment would be approximately $996 for the principal and interest. This payment excludes property taxes and insurance, which can vary by location.

Monthly Payment on $200,000 Mortgage

If you take a $200,000 loan at the same rate of 6.85%, your monthly payment would be around $1,328. Again, this figure will vary slightly with taxes and insurance, but it serves as a solid baseline for budgeting.

Monthly Payment on $300,000 Mortgage

For buyers looking to purchase a home around $300,000, with the same 30-year fixed rate, the estimated monthly payment would be about $1,992. This highlights how even a slight increase in the mortgage amount can significantly impact monthly payments.

Monthly Payment on $400,000 Mortgage

Using the same mortgage rate of 6.85%, a $400,000 mortgage would result in a payment just over $2,657 monthly. This underscores the importance of knowing how rates and amounts affect overall budgeting.

Monthly Payment on $500,000 Mortgage

Lastly, a $500,000 mortgage under the same 30-year fixed rates would lead to a monthly payment of approximately $3,321. As the mortgage amount increases, so does the payment, which is crucial for buyers to assess before committing to a loan.

Future Mortgage Rate Predictions and Trends

From the latest forecasts, experts suggest that mortgage rates could stabilize around 6.4% to 6.6% through the remainder of 2025. The Mortgage Bankers Association anticipates rates will remain relatively unchanged until late summer, with economic conditions affecting the mortgage landscape as we progress into 2026. If inflation continues to be a concern, it may hinder a more significant decrease in rates.

The Fannie Mae Forecast outlines projections for mortgage rates dropping slightly to 6.5% by the end of 2025 and further down to 6.1% in 2026. This trend could lead to more favorable purchasing conditions for homebuyers looking for affordability.

Furthermore, projections from the Morgan Stanley strategists indicate that depending on economic shifts, there’s potential for mortgage rates to decrease in alignment with Treasury yields. If rates fall, like the change noted from 7% to 6.25%, that difference could lead to substantial savings in monthly payments.

For homebuyers and homeowners looking to make informed decisions based on today's mortgage rates, staying updated on these figures can be crucial. Understanding how mortgage rates affect monthly payments and future expectations allows for better financial planning and decision-making.