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How Much Could Last Week's Rise in Mortgage Rates Inflate Your Monthly Payment?

Investopedia
17 Dec 2024

Key Takeaways

  • A three-week slide in mortgage rates reversed course this past week, with rates climbing notably higher across most loan types.
  • The 30-year fixed-rate average jumped 24 basis points over the week to 6.77%—after falling almost 40 points over the previous three weeks.
  • 15-year loans saw their Friday-to-Friday rate rise 19 basis points to 5.90% on average, reclaiming about half of their prior three-week loss.
  • Jumbo 30-year rates added 22 basis points, reversing a good portion of the 42 points they dropped in recent weeks. The new average is 6.75%.
  • On loans of $200,000 to $600,000, the weekly rate increase means you could pay $32 to $95 more per month for a 30-year loan.
  • Meanwhile, jumbo loan payments are up $116 to $175 per month, depending on the loan amount.

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Mortgage Rates Climb, Reversing Multi-Week Decline

After marching lower for three weeks straight, new purchase mortgage rates boldly changed direction—with rate averages rising by as much as 32 basis points across last week. Below, you can see the Friday-to-Friday change for each new purchase loan average before we dig deeper into three of the most common mortgage types: 30-year, 15-year, and jumbo 30-year fixed-rate loans.

Mortgage Type Dec. 6 national rate average Dec. 13 national rate average 1-week change
30-Year Fixed 6.53% 6.77% + 0.24
FHA 30-Year Fixed 6.28% 6.28% + 0.00
VA 30-Year Fixed 6.00% 6.19% + 0.19
20-Year Fixed 6.38% 6.70% + 0.32
15-Year Fixed 5.71% 5.90% + 0.19
FHA 15-Year Fixed 6.40% 6.40% + 0.00
10-Year Fixed 5.76% 5.77% + 0.01
7/6 ARM 7.22% 7.47% + 0.25
5/6 ARM 7.24% 7.53% + 0.29
Jumbo 30-Year Fixed 6.53% 6.75% + 0.22
Jumbo 15-Year Fixed 6.46% 6.75% + 0.29
Jumbo 7/6 ARM 7.07% 7.14% + 0.07
Jumbo 5/6 ARM 7.14% 7.21% + 0.07

30-Year Mortgage Rates Jumped Almost a Quarter Point

Rates on 30-year new purchase loans held steady last Monday but then gained ground the following four days. The total weekly climb of 24 basis points pushed the average to 6.77% by Friday, undoing much of the previous three weeks' decline of 39 points.

Things were better in September when the 30-year average plunged to a two-year low of 5.89% (though the cheapest Friday average was 6.03%). But rates surged through much of October and November. Still, today's rates are a bit more affordable than mid-November's 6.92% average.

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, North Carolina, and Tennessee have the lowest 30-year rates.

15-Year Mortgage Rates Gained Almost 20 Basis Points

The 15-year new purchase rate average rose to 5.90% Friday, a 19 basis point increase week over week. In the previous three weeks, 15-year rates had declined 39 points. Like 30-year loans, 15-year rates dropped to a two-year low in September, sinking to 4.97% (though the lowest Friday weekly average was 5.07%).

Jumbo 30-Year Rates Added More than Two-Tenths of a Point

Rates on jumbo 30-year new purchase loans increased by a notable 22 basis points last week, reclaiming more than half the 42 points they dropped the previous three weeks. The current average is 6.75%. In September, rates on new 30-year jumbo loans fell as low as 6.24%, with the lowest weekly average registering at 6.39%.

What's a jumbo loan?

A 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 Have Dropped

To see how much the weekly rise in interest rates impacts monthly payments for new borrowers, our tables below lay out the principal-plus-interest payment for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.

On loans of $200,000 to $600,000, principal-and-interest payments for 30-year and 15-year mortgages are up anywhere from $20 to $95 per month over the past week, depending on loan size.

Monthly Mortgage Payments for 30-Year Loans - Week-Over-Week Change
National average rate $200,000 loan $300,000 loan $400,000 loan $500,000 loan $600,000 loan
Fri, Dec. 6 6.53% $1,268 $1,902 $2,536 $3,170 $3,804
Fri, Dec. 13 6.77% $1,300 $1,950 $2,600 $3,250 $3,900
1-week change + 0.24 $32 $48 $64 $79 $95
Monthly payment amounts shown include principal and interest only, not insurance or taxes.
Monthly Mortgage Payments for 15-Year Loans - Week-Over-Week Change
National average rate $200,000 loan $300,000 loan $400,000 loan $500,000 loan $600,000 loan
Fri, Dec. 6 5.71% $1,657 $2,485 $3,313 $4,141 $4,970
Fri, Dec. 13 5.90% $1,677 $2,515 $3,354 $4,192 $5,031
1-week change + 0.19 $20 $31 $41 $51 $61
Monthly payment amounts shown include principal and interest only, not insurance or taxes.

By definition, jumbo 30-year mortgages are larger loans, so we've run our calculations on loan amounts of $800,000 to $1.2 million. The jumbo mortgage payment increase last week ranged from $116 to $175 more per month, depending on the loan size.

Monthly Mortgage Payments for Jumbo 30-Year Loans - Week-Over-Week Change
National average rate $800,000 loan $900,000 loan $1 million loan $1.1 million loan $1.2 million loan
Fri, Dec. 6 6.53% $5,072 $5,706 $6,340 $6,974 $7,609
Fri, Dec. 13 6.75% $5,189 $5,837 $6,486 $7,135 $7,783
1-week change + 0.22 $116 $131 $146 $160 $175
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 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.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Federal Housing Finance Agency. "FHFA Announces Conforming Loan Limit Values for 2025."

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