Rates on 30-year new purchase mortgages fell further Monday, to an average 6.11%. That's now the lowest flagship average in more than 19 months. Rates for other new purchase mortgage rates were mixed Monday.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| 30-Year Fixed | 6.11% |
| FHA 30-Year Fixed | 5.81% |
| 15-Year Fixed | 5.15% |
| Jumbo 30-Year Fixed | 6.42% |
| 5/6 ARM | 7.52% |
| Provided via the Zillow Mortgage API | |
Because rates vary widely across lenders, it's always smart to shop around for your best mortgage rate and compare rates regularly, no matter the type of home loan you seek.
Rates on 30-year fixed-rate new purchase mortgages fell 5 more basis points Monday, for a week-long plunge of 22 points that reduces the average to 6.11%. That's a new low point—the cheapest average since early February 2023.
Today's 30-year mortgage rates are now almost a full percentage point below July's high of 7.08%. They are also almost 2 percentage points below the historic 23-year high of 8.01% reached in October 2023.
Rates on 15-year mortgages also dipped further Monday, subtracting another 4 basis points to a new average of 5.15%. The 15-year average has given up 26 basis points over a week, and is now down to its lowest level since February 2023. Today's rates are far below last fall's historic 7.08% peak—the highest average since 2000.
Jumbo 30-year rates meanwhile tacked on a single basis points, nudging Monday's average to 6.42%. That's roughly the lowest level since December. Although daily historical jumbo rates were not published before 2009, it's estimated the 8.14% peak we saw last fall was the most expensive jumbo 30-year average in 20-plus years.
| National Averages of Lenders' Best Rates – New Purchase | ||
|---|---|---|
| Loan Type | New Purchase Rates | Daily Change |
| 30-Year Fixed | 6.11% | -0.05 |
| FHA 30-Year Fixed | 5.81% | No Change |
| VA 30-Year Fixed | 5.50% | -0.03 |
| 20-Year Fixed | 5.84% | -0.02 |
| 15-Year Fixed | 5.15% | -0.04 |
| FHA 15-Year Fixed | 5.71% | No Change |
| 10-Year Fixed | 5.05% | -0.14 |
| 7/6 ARM | 7.39% | +0.02 |
| 5/6 ARM | 7.52% | +0.03 |
| Jumbo 30-Year Fixed | 6.42% | +0.01 |
| Jumbo 15-Year Fixed | 6.61% | +0.06 |
| Jumbo 7/6 ARM | 7.38% | +0.12 |
| Jumbo 5/6 ARM | 7.49% | No Change |
| Provided via the Zillow Mortgage API | ||
Every Thursday, Freddie Mac, a government-sponsored buyer of mortgage loans, publishes a weekly average of 30-year mortgage rates. Last week's reading was flat after dropping to 6.35% the previous week —the lowest weekly average since May 2023. Freddie Mac's average last October reached a historic 23-year peak of 7.79%.
Freddie Mac’s average differs from what we report for 30-year rates because Freddie Mac calculates a weekly average that blends five previous days of rates. In contrast, our Investopedia 30-year average is a daily reading, offering a more precise and timely indicator of rate movement. In addition, the criteria for included loans (e.g., amount of down payment, credit score, inclusion of discount points) varies between Freddie Mac's methodology and our own.
Calculate monthly payments for different loan scenarios with our Mortgage Calculator.
The rates we publish won’t compare directly with teaser rates you see advertised online since those rates are cherry-picked as the most attractive vs. the averages you see here. Teaser rates may involve paying points in advance or may be based on a hypothetical borrower with an ultra-high credit score or for a smaller-than-typical loan. The rate you ultimately secure will be based on factors like your credit score, income, and more, so it can vary from the averages you see here.
Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as:
Because any number of these can cause fluctuations simultaneously, it's generally difficult to attribute the change to any one factor.
Macroeconomic factors kept the mortgage market relatively low for much of 2021. In particular, the Federal Reserve had been buying billions of dollars of bonds in response to the pandemic's economic pressures. This bond-buying policy is a major influencer of mortgage rates.
But starting in November 2021, the Fed began tapering its bond purchases downward, making sizable reductions each month until reaching net zero in March 2022.
Between that time and July 2023, the Fed aggressively raised the federal funds rate to fight decades-high inflation. While the fed funds rate can influence mortgage rates, it doesn't directly do so. In fact, the fed funds rate and mortgage rates can move in opposite directions.
But given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.
The Fed has been maintaining the federal funds rate at its current level since July 2023, with an eighth consecutive rate hold announced on July 31. But now that inflation has cooled considerably, the Fed has signaled it's ready to start cutting rates. A reduction is overwhelmingly expected at its next meeting, which will conclude Sept. 18.
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.
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