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That Surprisingly Good May Jobs Report? Mortgage Rates Reacted Fast

By

澳洲幸运5官方开奖结果体彩网:Sabrina Karl

Updated June 09, 2025

Couple in their 20s or 30s in their kitchen and looking at mortgage rates on a laptop — Mortgage rates shifted quickly following May’s surprisingl𝓰y s🍬trong jobs report, creating new challenges for buyers.
DeanDrobot / Getty Images

Key Takeaways

A better-than-expected May jobs report sparked a bond market pullback Friday, driving yields—and mortgage rates—higher to close the week.
Rates on new 30-year fixed-rate loans had sunk to 6.91% on Wednesday—but shot up to 7.02% by Friday.
15-year rates saw a bigger surge—adding a dramatic 18 basis points over the last two days, while jumbo 30-year rates climbed a more modest 5 basis points.
On a new loan of $350,000 with a 30-year term, today's rates translate into a monthly payment of $2,333. That's a $26 per month price hike over just two days.
See our full rate tables below for additional loan terms and amounts.

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Jobs Report Puts an End to 2-💝Week Decline in ꦬMortgage Rates

As recently has Wednesday, mortgage rates were enjoying a notable two-week slide. But then came Friday's May jobs report. While it delivered good news on the economy—showing more labor market resiliency than was expected—it triggered a bond marꦗket pullback as traders reversed defensive bond-heavy positions they had taken pre-jobs data.

When bond traders sell, prices fall and yields rise—pushing mortgage rates higher. Indeed, most loan types saw a sharp increase on Friಌday.

Below, you can see how substantial the two-day change was from Wedඣnesday to Friday for each new purchase mortgage type. We then dive deeper into 30-year, 15-year, and jumbo 30-year fixed-rate loans.

Change꧂ in New Purchase Mortgage Rates by Loan Type

Mortgage Type	Jun 4 averages	Jun 6 averages	2-day change
澳洲幸运5官方开奖结果体彩网:30-Year Fixed	6.91%	7.02%	+ 0.11
FHA 30-Year Fixed	7.37%	7.13%	No change
VA 30-Year Fixed	6.59%	6.67%	+ 0.08
20-Year Fixed	6.67%	6.88%	+ 0.21
15-Year Fixed	5.90%	6.08%	+ 0.18
FHA 15-Year Fixed	6.78%	7.40%	No change
10-Year Fixed	5.80%	6.12%	+ 0.32
7/6 ARM	7.29%	7.39%	+ 0.10
5/6 ARM	7.23%	7.36%	+ 0.13
Jumbo 30-Year Fixed	6.92%	6.97%	+ 0.05
Jumbo 15-Year Fixed	6.81%	7.00%	+ 0.19
Jumbo 7/6 ARM	7.45%	7.47%	+ 0.02
Jumbo 5/6 ARM	7.34%	7.40%	+ 0.06

30-Ye📖ar Mortgage Rates Had꧅ Fallen Almost a Quarter Point—But Are Now Back Above 7%

Rates on new 30-year purchase loans had been falling for most of the past two w🦂eeks, offering some relief after hitting a one-year high of 7.15% in 𓂃mid-May. The flagship average dropped a substantial 24 basis points to reach 6.91% on June 4. But after a mild increase Thursday and a sharper jump Friday, the 30-year average has climbed back to 7.02%—an 11 basis point rise over two days.

What's the 30-Year Rate in Your State?

Every business day, we publish 澳洲幸运5官方开奖结果体彩网:national rate꧒ averages for various loan types, and also 澳洲幸运5官方开奖结果体彩网:each state's 30-year rate average. R𓃲ight now, the cheapest state ave🐟rages range from 6.83% to 6.99%.

15-Year Mortgage Rates See Dramatic 2-Day Surge

Rates on new 15-year purchase loans rose 6 basis points T🌺hursday, t﷽hen surged another 12 points Friday, lifting the average to 6.08%. That’s up from 5.90% on Wednesday—a two-month low.

Jumbo 30-Year Rates Tick Up Just Slightly

Among major loan types, jumbo 30-year mortgage rates saw a more modest increase to end the week. The average rose just 5 basis points from Wednꦰesday to Friday, landing at 6.97%—still below the 2025 high of 7.16%.

What's a jumbo loan?

A 澳洲幸运5官方开奖结果体彩网:jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—$806,500 for single-family homes in most parts of the U.S. in 2025, but up to $1,209,750 in certain more expensive areas.

Here's How Much Monthly Payments Are Today

To see how much this week's rate increases would impact monthly payments for new borrowers, our tables below lay out the 澳洲幸运5官方开奖结果体彩网:principal-plus-interest payment for various loan amouౠnts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.

30-Year Loan Monthly Mortgage Payments

	National average rate	$250,000	$350,000	$450,000	$550,000	$650,000
Wed, Jun 4	6.91%	$1,648	$2,307	$2,967	$3,626	$4,285
Fri, Jun 6	7.02%	$1,667	$2,333	$3,000	$3,667	$4,333
2-day climb	+ 0.11	+ $19	+ $26	+ $33	+ $41	+ $48

Monthly payment amounts shown include principal and interest only, not insurance or taxes.

15-Year Loan Monthly Mortgage Payments

	National average rate	$250,000	$350,000	$450,000	$550,000	$650,000
Wed, Jun. 4	5.90%	$2,096	$2,935	$3,773	$4,612	$5,450
Fri, Jun 6	6.08%	$2,120	$2,969	$3,817	$4,665	$5,513
2-day climb	+ 0.18	+ $24	+ $34	+ $44	+ $53	+ $63

Monthly payment amounts shown include principal and interest only, not insurance or taxes.

By definition, jumbo 30-year mortgages are larger loans. So below we've run our calculations on loan amounts of $800,000 to $1.2 million.

Jumbo 30-Year Loan Monthly Mortgage Payments

	National average rate	$800,000	$900,000	$1,000,000	$1,100,000	$1,200,000
Wed, Jun. 4	6.92%	$5,280	$5,939	$6,599	$7,259	$7,919
Fri, Jun 6	6.97%	$5,306	$5,970	$6,633	$7,296	$7,959
2-day climb	+ 0.05	+ $26	+ $31	+ $34	+ $37	+ $40

Monthly payment amounts shown include principal and interest only, not insurance or taxes.

How We Track Mortgage Rates

The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a 澳洲幸运5官方开奖结果体彩网:loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an appli𓆏cant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders bᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚased on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.

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