Mortgage rates today rise to 6.90% on 30-year loans
Mortgage rates jumped significantly on May 15, 2025, with the average 30-year fixed-rate mortgage now sitting at 6.90%. That’s a 1.47% increase from last week, according to data from the Mortgage Research Center.
This rate hike marks one of the largest week-over-week increases in 2025 and could impact affordability for buyers and homeowners considering refinancing.
30-year mortgage rates surge
The 30-year fixed-rate mortgage remains the most popular loan type. As of today, it averages 6.90%. The annual percentage rate (APR), which includes lender fees, stands at 6.93%, up from 6.83% last week.
For a $100,000 loan, today’s rate would result in a monthly principal and interest payment of approximately $658. Over 30 years, that adds up to about $137,747 in total interest.
15-year mortgage rates also climb
Shorter-term loans also saw increases. The average 15-year fixed-rate mortgage is now at 5.90%, up 2.22% from a week ago. The APR for this loan type is currently 5.95%, compared to 5.82% last week.
Borrowers taking out a $100,000 loan on a 15-year term will pay about $838 per month in principal and interest, totaling roughly $51,370 in interest over the life of the loan.
Jumbo mortgage rates approach 7.6%
Jumbo mortgages—loans that exceed the $806,500 conforming limit—have seen the steepest rise. The average rate for a 30-year fixed jumbo mortgage is 7.54%, up from 7.25% last week. At this rate, monthly payments on a $100,000 loan are around $702, with total interest reaching $153,099 over 30 years.
Why are mortgage rates rising?
Mortgage rates have fluctuated in 2025 due to a combination of economic factors:
- Federal Reserve policy: Despite rate cuts in late 2024, mortgage rates rose again in October and have remained volatile.
- Bond yields: Mortgage rates generally follow 10-year Treasury yields. As those yields climb, so do mortgage rates.
- Inflation and economic growth: Stronger economic performance and inflation concerns have pushed lenders to increase rates.
Experts do not expect rates to drop substantially in the near term. Any major declines will likely depend on easing inflation or signs of economic slowdown.
Tips for managing high mortgage rates
Borrowers may reduce costs by:
- Improving their credit score (ideally 670+)
- Lowering their debt-to-income ratio below 43%
- Making a down payment of at least 20%
- Considering a 15-year mortgage if they can afford higher monthly payments
Refinancing may still be an option for some, particularly those with older, higher-rate loans or who want to switch to a shorter term.
What happens next?
While mortgage rates remain high, staying informed on rate trends and understanding how lenders set rates can help buyers and homeowners make better financial decisions.
Check rates frequently and use a mortgage calculator to evaluate what you can afford before locking in a loan.