Mortgage Rates Saw a Notable Drop Last Week. Here's How Much You Could Save.
Key Takeaways
- Mortgage rates fell more than an eighth of a percentage point last week, dropping to their cheapest level since before Christmas.
- Rates on new 30-year fixed-rate loans averaged 6.84% on Friday—14 basis points lower than the previous Friday's average of 6.98%.
- 15-year loans saw their Friday-to-Friday average sink a more sizable 16 basis points, now below the 6% mark at 5.98%.
- Jumbo 30-year rates subtracted 14 basis points across the week, edging down to a 6.75% average.
- On a new loan of $350,000 with a 30-year term, today's average rate translates into a monthly payment of $2,291. That's down $33 per month from the previous week, and $59 lower than three weeks ago.
- See our tables below for other loan amounts and mortgage types.
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Mortgage Rates Moving Even Lower Under 7%
Though new purchase mortgage rates saw welcome declines in late November and early December, they bolted higher around Christmas—and then higher still in mid-January. But the last three weeks have brought some welcome relief, sending the flagship 30-year average back below the notable 7% mark.
Rates saw significant drops for most loan types this past week. Below, you can see the Friday-to-Friday change for each new purchase loan average, followed by a deeper dive into 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Jan. 24 averages | Jan. 31 averages | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 6.98% | 6.84% | - 0.14 |
| VA 30-Year Fixed | 6.51% | 6.36% | - 0.15 |
| 20-Year Fixed | 6.81% | 6.64% | - 0.17 |
| 15-Year Fixed | 6.14% | 5.98% | - 0.16 |
| 10-Year Fixed | 6.09% | 5.85% | - 0.24 |
| 7/6 ARM | 7.15% | 7.11% | - 0.04 |
| 5/6 ARM | 7.23% | 7.25% | + 0.02 |
| Jumbo 30-Year Fixed | 6.89% | 6.75% | - 0.14 |
| Jumbo 15-Year Fixed | 6.75% | 6.64% | - 0.11 |
| Jumbo 7/6 ARM | 7.03% | 6.90% | - 0.13 |
| Jumbo 5/6 ARM | 7.06% | 7.03% | - 0.03 |
30-Year Mortgage Rates Sink to Almost 7-Week Low
Rates on 30-year new purchase loans gave up a substantial 14 basis points over the past week, reducing the average to 6.84% Friday. That's its lowest Friday average since the Dec. 13 reading of 6.77%. Just three weeks ago, rates shot up to a 7.13% average—a 7-month high. But they've resided in 6% territory since Jan. 16.
Things were better in September when the 30-year average plunged to a two-year low of 5.89% (with the cheapest Friday average being 6.03%). But rates surged through much of October and November and then took additional steps higher around Christmas and in January.
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, Colorado, and Oregon have the lowest 30-year rates.
15-Year Mortgage Rates Saw a Bigger Drop
Rates on 15-year new purchase loans fell even more significantly last week, plunging 16 basis points to average 5.98% Friday. Like 30-year loans, 15-year rates sank to a two-year low in September, dropping as far as 4.97% (though the lowest Friday weekly average was 5.07%).
Jumbo 30-Year Rates Fall to Lowest Level Since December
Rates on jumbo 30-year new purchase loans fell 14 basis points across the week, dropping the average from 6.89% to 6.75%. In September, rates on new 30-year jumbo loans fell as far 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 Are Now
To see how much this week's rate increases would impact 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.
| Monthly Mortgage Payments for 30-Year Loans - Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Jan. 24 | 7.09% | $1,678 | $2,350 | $3,021 | $3,692 | $4,364 |
| Fri, Jan. 31 | 6.84% | $1,636 | $2,291 | $2,946 | $3,600 | $4,255 |
| 1-week change | - 0.14 | - $23 | - $33 | - $42 | - $52 | - $61 |
| 3-week change | - 0.25 | - $42 | - $59 | - $75 | - $92 | - $109 |
| Monthly Mortgage Payments for 15-Year Loans - Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Jan. 24 | 6.14% | $2,129 | $2,980 | $3,831 | $4,683 | $5,534 |
| Fri, Jan. 31 | 5.98% | $2,107 | $2,950 | $3,792 | $4,635 | $5,478 |
| 1-week change | - 0.16 | - $22 | - $30 | - $39 | - $48 | - $56 |
| 3-week change | - 0.24 | - $33 | - $46 | - $59 | - $72 | - $85 |
By definition, jumbo 30-year mortgages are larger loans. So below we've run our calculations on loan amounts of $800,000 to $1.2 million.
| 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, Jan. 24 | 6.89% | $5,263 | $5,921 | $6,579 | $7,237 | $7,895 |
| Fri, Jan. 31 | 6.75% | $5,189 | $5,837 | $6,486 | $7,135 | $7,783 |
| 1-week change | - 0.14 | - $75 | - $84 | - $93 | - $103 | - $112 |
| 3-week change | - 0.24 | - $107 | - $120 | - $133 | - $147 | - $160 |
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."
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