Mortgage rates jumped slightly but remain under 7%

Mortgage rates are still stable after making a slight uptick despite unpredictability in the housing industry. 

Freddie Mac reported in its Primary Mortgage Market Survey that the 30-year fixed-rate mortgage (FRM) increased this week to its highest level since February. 

What are the current mortgage rates?

By the numbers:

The 30-year fixed-rate mortgage (FRM) averaged 6.89% as of May 29, 2025, up from last week when it averaged 6.86%. According to the Freddie Mac survey, at this time last year, the 30-year fixed-rate mortgage averaged 7.03%. 

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A 15-year fixed-rate mortgage averaged 6.03%, which is up from last week when it averaged 6.01%. A year ago, at this time, the 15-year FRM averaged 6.36%.

Consumer Affairs reported that the analysis suggests that mortgage rates will fall between 6.7% and 7.1% through early July. Some projections indicate an average rate of 6.96% by mid-June, with potential spikes climbing to 7.17%.

Mortgage rates may change based on certain factors

Why you should care:

Whether you’re a prospective homebuyer or current homeowner, there are several factors that might influence mortgage rates within the next six months with Consumer Affairs outlining the following: 

• Federal Reserve Policy: The Federal Reserve is maintaining a cautious approach on interest rates based on inflation and economic uncertainty.
• Inflation Trends: Consumer Affairs reported that recent data shows a small decline in inflation to 2.3% year-over-year in April. But tariff-related price spikes could impact future inflation readings.
• Economic Growth and Employment: A strong labor market continues to support higher mortgage rates. However, any signs of economic slowdown or rising unemployment could prompt a reassessment of rate policies.