Here's How Much Mortgage Rates Changed This Week—And What That Means for a Monthly Payment
Key Takeaways
- New purchase mortgage rates for the major loan types jumped 20 to 25 basis points this past week.
- The 30-year fixed-rate average climbed two-tenths of a percentage point to 6.76%.
- 15-year loans saw their average rate rise a full quarter point to 5.90%.
- Jumbo 30-year rates added 22 basis points to reach a 6.79% average.
- On a loan of $200,000 to $600,000, this week's rate increases would bump up your monthly mortgage payment by $26 to $80 for a 30-year or 15-year loan, with bigger increases for jumbo 30-year loans.
Looking for refi rates? We cover mortgage refinance rates every business day, including the national average refi rate for all major loan types, as well as state-by-state averages for 30-year refi loans.
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30-Year Mortgage Rates Climb More Than a Two-Tenths of a Point
Rates on 30-year new purchase mortgages increased considerably over the past week. After averaging 6.56% on Friday, Oct. 18, rates climbed for three days straight before hovering for two days. They ended the week with an elevated average of 6.76% on Oct. 25, for a weekly gain of 20 basis points.
In mid-September, the 30-year average plunged to a two-year low of 5.89%, though the lowest Friday average was 6.03%. Since then, however, 30-year rates have shown a Friday-over-Friday climb in five of the last six weeks.
What's the 30-Year Rate in Your State?
Every business day, we publish national rate averages for various loan types, and also each state's 30-year rate average. Right now, New York, Florida, and Colorado have the lowest 30-year rates.
To see how this week's higher interest rates translate into monthly payments, you can see below what the principal-plus-interest payment would be for various loan amounts on a 30-year fixed-rate new purchase mortgage, including the change vs. last week.
| Monthly Mortgage Payments for 30-Year Loans - Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National average rate | $200,000 | $300,000 | $400,000 | $500,000 | $600,000 | |
| Fri, Oct. 18 | 6.56% | $1,272 | $1,908 | $2,544 | $3,180 | $3,816 |
| Fri, Oct. 25 | 6.76% | $1,299 | $1,948 | $2,597 | $3,246 | $3,896 |
| Monthly payment change | + $26 | + $40 | + $53 | + $66 | + $79 | |
15-Year Mortgage Rates Jump a Full Quarter Point
Rates on 15-year new purchase loans also significantly climbed over the past week. The 15-year new purchase average added a bold 25 basis points from Oct. 18 to this past Friday, reaching a 5.90% average. Like 30-year loans, rates on 15-year mortgages also hit a two-year low in September, sinking to 4.97% (though the lowest Friday average was 5.07%).
On loan amounts of $200,000 to $600,000, the principal-and-interest payment for a 15-year mortgage climbed $27 to $80 per month due to this week's rate increases.
| Monthly Mortgage Payments for 15-Year Loans - Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National average rate | $200,000 | $300,000 | $400,000 | $500,000 | $600,000 | |
| Fri, Oct. 18 | 5.65% | $1,650 | $2,475 | $3,300 | $4,125 | $4,950 |
| Fri, Oct. 25 | 5.90% | $1,677 | $2,515 | $3,354 | $4,192 | $5,031 |
| Monthly payment change | + $27 | + $40 | + $54 | + $67 | + $80 | |
Jumbo 30-Year Rates Rise 22 Basis Points
Rates on jumbo 30-year new purchase loans similarly climbed over the past week. Rising 22 basis points from Oct. 18's average of 6.57%, Friday's average was up to 6.79%. Rates on new 30-year jumbo loans fell to a 19-month low of 6.24% on Sept. 18, with the lowest Friday average registering at 6.40%.
What's considered a jumbo loan?
A jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—currently $766,550 for single-family homes in most parts of the U.S., but up to $1,149,825 in certain more expensive areas.
The past week's bump in jumbo 30-year rates means your monthly mortgage payment would be $87 to $146 higher per month if you locked in this week, depending on your loan amount.
| Monthly Mortgage Payments for Jumbo 30-Year Loans - Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National average rate | $600,000 | $700,000 | $800,000 | $900,000 | $1 million | |
| Fri, Oct. 18 | 6.57% | $3,820 | $4,457 | $5,093 | $5,730 | $6,367 |
| Fri, Oct. 25 | 6.79% | $3,908 | $4,559 | $5,210 | $5,861 | $6,513 |
| Monthly payment change | + $87 | + $102 | + $117 | + $131 | + $146 | |
How We Track Mortgage Rates
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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