Mortgage Rates Dropped Significantly Last Week. Here's How Much You Could Save.
Key Takeaways
- New purchase mortgage rates sank as much as 39 basis points this past week, lowering monthly payments on new loans.
- The 30-year fixed-rate average dropped 23 basis points to 6.68%.
- 15-year loans saw their average rate fall a quarter percentage point to 5.84%.
- Jumbo 30-year rates gave up 18 basis points, lowering to 6.72%.
- On a loan of $200,000 to $600,000, this week's rate drops mean you could save $31 to $92 per month on a 30-year loan.
- For jumbo loans, monthly payments are down $96 to $144 this week.
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Mortgage Rates Sank for Almost Every Loan Type Last Week
After several weeks of bobbing around in a narrow range, mortgage rates sank noticeably last week. The latest Friday-to-Friday change lowered average rates by as much as 39 basis points. Below is a look at how each new purchase loan type fared from Friday, Nov. 22 to Friday, Nov. 29.
Then further below, we dig deeper into three of the most common mortgage types: 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Nov. 22 national average | Nov. 29 national average | Friday-to-Friday change |
|---|---|---|---|
| 30-Year Fixed | 6.91% | 6.68% | - 0.23 |
| FHA 30-Year Fixed | 6.72% | 6.72% | No change |
| VA 30-Year Fixed | 6.34% | 6.09% | - 0.25 |
| 20-Year Fixed | 6.82% | 6.54% | - 0.28 |
| 15-Year Fixed | 6.09% | 5.84% | - 0.25 |
| FHA 15-Year Fixed | 6.40% | 6.40% | No change |
| 10-Year Fixed | 6.15% | 5.92% | - 0.23 |
| 7/6 ARM | 7.56% | 7.24% | - 0.32 |
| 5/6 ARM | 7.64% | 7.28% | - 0.36 |
| Jumbo 30-Year Fixed | 6.90% | 6.72% | - 0.18 |
| Jumbo 15-Year Fixed | 6.99% | 6.60% | - 0.39 |
| Jumbo 7/6 ARM | 7.20% | 7.02% | - 0.18 |
| Jumbo 5/6 ARM | 7.36% | 7.19% | - 0.17 |
30-Year Mortgage Rates Fell 23 Basis Points
Rates on 30-year new purchase mortgages saw a notable drop last week. After averaging 6.91% on Friday, Nov. 21, rates moved lower all but one of the four days in the holiday-shortened week. They ended Friday with a decline of 23 basis points to a 6.68% average—the lowest weekly reading in six weeks.
Back in September, the 30-year average plunged to a two-year low of 5.89%, though the cheapest Friday average was 6.03%. Through much of October and November, however, mortgage rates surged higher.
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, California, and Florida have the lowest 30-year rates.
15-Year Mortgage Rates Dropped a Quarter Percentage Point
Rates on 15-year new purchase loans declined by even more last week. The 15-year new purchase average fell a bold 25 basis points Friday-to-Friday, dropping to 5.84% and registering its cheapest level in six weeks. Like 30-year loans, rates on 15-year mortgages dropped to a two-year low back in September, sinking to 4.97% (though the lowest Friday weekly average was 5.07%).
Jumbo 30-Year Rates Declined 18 Basis Points
Rates on jumbo 30-year new purchase loans also saw a notable drop, giving up 18 basis points across the week. Falling from Nov. 22's reading of 6.90%, Friday's average was down to 6.72%. In contrast, September rates on new 30-year jumbo loans fell as low as 6.24%, with the lowest weekly 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.
How Much You Can Save This Week on a Monthly Payment
To see how this week's reduced interest rates translate into lower monthly payments, you can see below what the principal-plus-interest payment would be for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage, including the change vs. the previous week.
On loan amounts of $200,000 to $600,000, principal-and-interest payments for 30-year and 15-year mortgages shaved off $27 to $92 per month over the past 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, Nov. 22 | 6.91% | $1,319 | $1,978 | $2,637 | $3,296 | $3,956 |
| Fri, Nov. 29 | 6.68% | $1,288 | $1,932 | $2,576 | $3,220 | $3,864 |
| Monthly payment change | -$31 | -$46 | -$61 | -$77 | -$92 | |
| 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, Nov. 22 | 6.09% | $1,697 | $2,546 | $3,395 | $4,244 | $5,092 |
| Fri, Nov. 29 | 5.84% | $1,670 | $2,506 | $3,341 | $4,176 | $5,011 |
| Monthly payment change | -$27 | -$40 | -$54 | -$67 | -$81 | |
Jumbo 30-year mortgages by definition are larger loans, so here we ran our calculations on loan amounts of $800,000 to $1.2 million. The mortgage payment savings this week ranged from $96 to $144 more per month depending on the loan size.
| Monthly Mortgage Payments for Jumbo 30-Year Loans - Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National average rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
| Fri, Nov. 22 | 6.90% | $5,269 | $5,927 | $6,586 | $7,245 | $7,903 |
| Fri, Nov. 29 | 6.72% | $5,173 | $5,819 | $6,466 | $7,113 | $7,759 |
| Monthly payment change | -$96 | -$108 | -$120 | -$132 | -$144 | |
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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