{"id":264,"date":"2025-05-29T10:01:04","date_gmt":"2025-05-29T10:01:04","guid":{"rendered":"https:\/\/winteraly.com\/?p=264"},"modified":"2025-05-29T16:03:34","modified_gmt":"2025-05-29T16:03:34","slug":"mortgage-rates-today-may-29-2025-rates-stand-still","status":"publish","type":"post","link":"https:\/\/winteraly.com\/index.php\/2025\/05\/29\/mortgage-rates-today-may-29-2025-rates-stand-still\/","title":{"rendered":"Mortgage Rates Today: May 29, 2025 \u2013 Rates Stand Still"},"content":{"rendered":"

The current average mortgage rate<\/a><\/span> on a 30-year fixed mortgage is 6.93%<\/strong> with an APR of 6.96%<\/strong>, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.93%<\/strong> with an APR of 5.98%<\/strong>. On a 30-year jumbo mortgage, the average rate is 7.54%<\/strong> with an APR of 7.55%<\/strong>.<\/p>\n

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30-Year Mortgage Rates Drop 0.19%<\/h2>\n

Today’s 30-year mortgage\u2014the most popular mortgage product\u2014is 6.93%, down 0.19% from a week earlier.<\/p>\n

The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the APR<\/a><\/span>. This week the APR on a 30-year fixed-rate mortgage is 6.96%. Last week, the APR was 6.97%.<\/p>\n

Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.93%, your monthly payment will be about $660, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator<\/a><\/span> shows. That’s around $138,518 in total interest over the life of the loan.<\/p>\n

15-Year Mortgage Rates Drop 1.27%<\/h2>\n

Today’s 15-year mortgage<\/a><\/span> (fixed-rate) is 5.93%, down 1.27% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6%.<\/p>\n

The APR on a 15-year fixed is 5.98%. It was 6.06% a week earlier.<\/p>\n

A 15-year, fixed-rate mortgage with today’s interest rate of 5.93% will cost $840 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $51,690 in total interest.<\/p>\n

Jumbo Mortgage Rates Climb 0.82%<\/h2>\n

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025’s conforming loan limit of $806,500 in most areas) climbed 0.82% from last week to 7.54%.<\/p>\n

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 7.54% will pay approximately $702 per month in principal and interest per $100,000 borrowed. That would be $153,050.<\/p>\n

Overview of 2025 Mortgage Rate Trends to Date<\/h2>\n

Although mortgage rates<\/a><\/span> mainly fell after reaching a high in spring 2024, they surged again in October 2024. This is despite the Federal Reserve\u2019s cuts to the federal funds rate (its benchmark interest rate) in September, November and December 2024.<\/p>\n

While rates have fallen somewhat since mid-January 2025, experts don\u2019t expect them to drop significantly anytime soon.<\/p>\n

When Will Mortgage Rates Go Down?<\/h2>\n

Various economic factors influence mortgage rates, making it challenging to forecast when rates will drop<\/a><\/span>.<\/p>\n

The Federal Reserve’s decisions significantly impact mortgage rates. In response to inflation or an economic downturn, the Fed may lower its federal funds rate, prompting lenders to reduce mortgage rates.<\/p>\n

Mortgage rates also track U.S. Treasury bond yields. If bond yields drop, mortgage rates typically follow suit.<\/p>\n

Finally, global events that cause financial disruptions can affect mortgage rates. For example, the Covid-19 pandemic led to record-low interest rates when the Fed cut rates.<\/p>\n

While a significant decrease in mortgage rates is unlikely in the near future, they may start to decline if inflation eases or the economy weakens.<\/p>\n

How Much House Can I Afford?<\/h2>\n

The first step on your homebuying journey should be to calculate affordability. You’ll want to find out how much you can afford based on things like income, debt and savings.<\/p>\n

Here are a few important factors that go into home affordability:<\/p>\n