With Mortgage Rates Up Again Last Week, Here's How Your Monthly Payment Could Change
Key Takeaways
- A surge in mortgage rates continued this week, with rates pushed higher by the Fed's dialed-back forecast for 2025 interest rate cuts.
- Rates on new 30-year fixed-rate loans added another 15 basis points to a Friday average of 6.92%, for a two-week rise of 39 points.
- 15-year loans saw their Friday-to-Friday rate climb 22 basis points last week. Now averaging 6.12%, 15-year rates are up 41 points across the last two weeks.
- Jumbo 30-year rates tacked on 12 basis points for a two-week gain of 34 points. The current average is 6.87%.
- On new loans of $200,000 to $600,000, the weekly rate increase means you could pay another $20 to $60 more per month for a 30-year loan.
- Meanwhile, jumbo loan payments are up $64 to $96 per month, depending on the loan amount.
Already have a mortgage and looking for refi rates? We cover mortgage refinance rates every business day, including the national average refi rate for all major loan types and state-by-state refi averages.
The full article continues below these offers from our partners.
Mortgage Rates Surge for a Second Week
Though new purchase mortgage rates saw notable declines in late November and early December, they have bolted higher over the past two weeks. Last week's increases were triggered by the Federal Reserve's Wednesday announcement that it expects fewer interest rate cuts in 2025 than previously forecasted.
As a result, the rate average for new purchase loans rose across most mortgage types last week by as much as 27 basis points. Below, you can see the Friday-to-Friday change for each new purchase loan average, followed by a deeper dive into the three most common mortgage types: 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Dec. 13 national rate average | Dec. 20 national rate average | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 6.77% | 6.92% | + 0.15 |
| FHA 30-Year Fixed | 6.28% | 6.28% | + 0.00 |
| VA 30-Year Fixed | 6.19% | 6.43% | + 0.24 |
| 20-Year Fixed | 6.70% | 6.88% | + 0.18 |
| 15-Year Fixed | 5.90% | 6.12% | + 0.22 |
| FHA 15-Year Fixed | 6.40% | 6.40% | + 0.00 |
| 10-Year Fixed | 5.77% | 6.04% | + 0.27 |
| 7/6 ARM | 7.47% | 7.33% | - 0.14 |
| 5/6 ARM | 7.53% | 7.39% | - 0.14 |
| Jumbo 30-Year Fixed | 6.75% | 6.87% | + 0.12 |
| Jumbo 15-Year Fixed | 6.75% | 6.71% | - 0.04 |
| Jumbo 7/6 ARM | 7.14% | 7.22% | + 0.08 |
| Jumbo 5/6 ARM | 7.21% | 7.20% | - 0.01 |
30-Year Mortgage Rates Jumped Again
Rates on 30-year new purchase loans rose 15 basis points over the past week for a two-week increase of 39 points. The flagship average is now up to 6.92%, undoing a previous three-week 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 then surged through much of October and November.
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 California have the lowest 30-year rates.
15-Year Mortgage Rates Gained More Than 20 Basis Points
The 15-year new purchase rate average rose to 6.12% Friday, a 22 basis point increase week over week—and combining for a 41-point increase across the last two weeks. 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 an Eighth of a Point
Rates on jumbo 30-year new purchase loans increased by a moderate 12 basis points last week, rising about a third of a percentage point over two weeks. The current average is 6.87%. 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 Risen
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 $71 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. 13 | 6.77% | $1,300 | $1,950 | $2,600 | $3,250 | $3,900 |
| Fri, Dec. 20 | 6.92% | $1,320 | $1,980 | $2,640 | $3,300 | $3,960 |
| 1-week change | + 0.15 | $20 | $30 | $40 | $50 | $60 |
| 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. 13 | 5.90% | $1,677 | $2,515 | $3,354 | $4,192 | $5,031 |
| Fri, Dec. 20 | 6.12% | $1,701 | $2,551 | $3,401 | $4,252 | $5,102 |
| 1-week change | + 0.22 | $24 | $36 | $48 | $59 | $71 |
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 $64 to $96 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. 13 | 6.75% | $5,189 | $5,837 | $6,486 | $7,135 | $7,783 |
| Fri, Dec. 20 | 6.87% | $5,253 | $5,909 | $6,566 | $7,223 | $7,879 |
| 1-week change | + 0.12 | $64 | $72 | $80 | $88 | $96 |
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.
Federal Housing Finance Agency. "FHFA Announces Conforming Loan Limit Values for 2025."
Related Articles
:max_bytes(150000):strip_icc()/1Mon-Antonio_Diaz-3654aacb1d7d4e8cac099c7da6481a0d.jpg)
:max_bytes(150000):strip_icc()/6Mon-svetikd-bd3b02f7a10d4efcb524ef931fc2dcb6.jpg)
:max_bytes(150000):strip_icc()/12-23line-31a1678dd3e64ec2bd345b4e4c162e89.png)
:max_bytes(150000):strip_icc()/12-23map-bc8b77e4668f438a992b4228a5e780ba.png)
:max_bytes(150000):strip_icc()/12-23refimap-40556d872a3b4c5f98e450c1d4eca498.png)
:max_bytes(150000):strip_icc()/12-20map-406ca8b15de54d2980ab9093c7513607.png)
- About Us
- Terms of Service
- Dictionary
- Editorial Policy
- Advertise
- News
- Privacy Policy
- Contact Us
- Careers
- #
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
- T
- U
- V
- W
- X
- Y
- Z
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10