US Mortgage and Refinance Rates June 2nd – Some Good News for US Homebuyers
David Garner
David Garner🏡 Today’s Mortgage Rates – June 2, 2025: Rates Edge Down Significantly
As of June 2, 2025, mortgage rates have continued their downward trend, with the 30-year fixed rate dipping to 6.95%. While the change may seem modest, this movement follows a larger downward shift over the past week. For refinancers, today’s environment is also promising—the national average for a 30-year fixed refinance rate has fallen to 7.18%, giving homeowners new opportunities to reassess their financial strategies.
📌 Key Takeaways
📉 30-Year Fixed Mortgage Rate: 6.95% (down 0.06%)
📉 30-Year Fixed Refinance Rate: 7.18% (down 0.08%)
🔁 5/1 ARM Mortgage Rate: 7.39% (up slightly)
🧮 15-Year Fixed Rate: 6.02% (unchanged)
🏦 15-Year Fixed Refinance Rate: 6.04% (down 0.04%)
📊 Current Mortgage Rates Overview
According to Zillow’s latest national averages:
| 💼 Loan Type | 📊 Rate (%) | APR | 1-Week Change |
|---|---|---|---|
| 30-Year Fixed | 6.95% | 7.41% | ⬇️ 0.06% |
| 15-Year Fixed | 6.02% | 6.32% | ⬇️ 0.04% |
| 5-Year ARM | 7.39% | 7.92% | ⬆️ 0.07% |
While the fixed-rate options saw improvements, the 5-year ARM has ticked up, a trend that may impact borrowers seeking lower initial payments.
🔄 Refinance Rates – June 2, 2025
| 💼 Loan Type | 📊 Rate (%) | 1-Week Change |
|---|---|---|
| 30-Year Fixed | 7.18% | ⬇️ 0.08% |
| 15-Year Fixed | 6.04% | ⬇️ 0.04% |
| 5-Year ARM | 6.00% | ⏸️ No Change |
While the fixed-rate options saw improvements, the 5-year ARM has ticked up, a trend that may impact borrowers seeking lower initial payments.
🏦 US Mortgage Rates for Foreigners June 2, 2025
| 💼 Loan Type | 📊 Rate Range (%) | Loan to Value |
|---|---|---|
| DSCR 30-Year Fixed | 6.75% to 8% | 75% |
| DSCR 15-Year Fixed | 6.5% to 7.75% | 75% |
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🧠 Understanding Your Mortgage Options
✅ Fixed-Rate Mortgages
🔒 Stable monthly payments
📅 Best for long-term homeowners
💸 Ideal for budgeting with predictable costs
🔁 Adjustable-Rate Mortgages (ARMs)
📉 Lower initial rates
📈 Rates adjust after 5 or 7 years
🧮 Useful for short-term ownership or high initial flexibility
🧾 Example Mortgage Payment Calculations
For a $300,000 mortgage:
30-Year Fixed at 6.95%
Monthly Payment: ~$1,986
Total Interest Over 30 Years: ~$414,960
15-Year Fixed at 6.02%
Monthly Payment: ~$2,532
Total Interest Over 15 Years: ~$155,760
💡 Although 15-year mortgages come with higher monthly payments, they result in significantly lower total interest paid.
📈 90-Day Rate Trends for Purchases
| Date | 30-Year Fixed | 15-Year Fixed | 5-Year ARM |
|---|---|---|---|
| Mar 4, 2025 | 6.20% | 5.49% | 5.97% |
| Apr 2, 2025 | 6.50% | 5.87% | 6.56% |
| May 2, 2025 | 6.71% | 5.98% | 6.92% |
| Jun 2, 2025 | 6.78% | 6.01% | 6.88% |
📉 Rates have increased steadily over the past 90 days, but today’s small drop may signal a shift or temporary reprieve.
🧐 Should You Refinance?
Refinancing can be worth it if:
Your current rate is 1–2% higher than today’s refinance rate
You want to shorten your loan term
You need to lower monthly payments or access equity
💡 Always calculate your break-even point to determine if the costs of refinancing are outweighed by the long-term savings.
🏛️ What’s Driving These Rate Movements?
📉 Fed Policy: No short-term rate cuts expected until September 2025.
📊 Treasury Yields: 10-year yield trends influence mortgage pricing.
📈 Inflation Reports: Cooler inflation data helps ease borrowing costs.
📉 Economic Growth: Moderate employment gains help support stability.
🔮 Market Outlook – What to Expect in 2025?
🏠 Home sales forecasted to rise 6–10%
📊 Mortgage rates could stabilize around 6.4% by Q4 2025
🧾 Refinance volume expected to increase as rates drop
📌 Stay vigilant. Rates may fluctuate as macroeconomic trends evolve, especially in the lead-up to anticipated Federal Reserve policy updates.
🧩 Final Thoughts
Mortgage rates have eased today, providing a valuable opportunity for prospective buyers and current homeowners alike. With the 30-year fixed at 6.95% and refinance rates trending downward, borrowers may benefit from acting before further volatility returns.
Whether you’re buying your first home, upgrading, or refinancing—understanding current rate trends and using mortgage calculators will empower smarter financial decisions.
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