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The Key Takeaways
- The rates on new mortgages have fallen by as much as 39 basis point in the last week.
- The average 30-year fixed rate dropped by 23 basis points, to 6.88%.
- The average interest rate for 15-year mortgages fell by a quarter of a percentage point, to 5.84%.
- Jumbo 30-year interest rates dropped by 18 basis point to 6.92 %.
- The rate drop this week means you can save between $31 and $92 per monthly payment on a 30-year mortgage for loans of up to $600,000
- This week, the monthly payment for jumbo loan is down from $144 to $96.
Have you already taken out a mortgage, but are looking for rates on refinance? Each business day, we provide mortgage rates, such as the average national refinance rate and average state refinance rates.
Below are the offers made by our partners.
Mortgage rates dropped for almost every loan type last week
Mortgage rates dropped last week after several weeks in which they fluctuated within a small range. In the latest weekend-to-weekend change, rates dropped by 39 basis point on average. Here’s a breakdown of how new types of purchase loans fared between Friday, November 22 and Friday, November 29.
We will then go into more detail about three common types of mortgages: the 30-year, the 15-year and jumbo-sized 30-year fixed rate loans.
| Mortgage Type | Nov. 22 national average | Nov. 29 national average | Change from Friday to Friday |
|---|---|---|---|
| The 30-Year Fixed | 6.91% | 6.68% | – 0.23 |
| FHA 30 Year Fixed | 6.72% | 6.72% | No change |
| VA Fixed 30-Year | 6.34% | 6.09% | – 0.25 |
| The 20-Year Fixed Rate | 6.82% | 6.54% | – 0.28 |
| Fixed 15 Year Term | 6.09% | 5.84% | – 0.25 |
| FHA 15 Year Fixed | 6.40% | 6.40% | No change |
| Ten-Year Fixed | 6.15% | 5.92% | – 0.23 |
| 7/6 ARM | 7.56% | 7.24% | – 0.32 |
| 5/6 AR | 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 |
The 30-year mortgage rate is down 23 basis points
The 30-year mortgage rates dropped by a significant amount last week. The average rate for the week was 6.91%, but rates fell on all four of the days except one during the holiday-shortened period. They ended Friday with a decline of 23 basis points to a 6.68% average—the lowest weekly reading in six weeks.
In September, 30-year mortgage rates plunged down to their lowest level in two years, at 5.89%. However, Friday’s average rate was only 6.03%. During October and early November mortgage rates rose.
What’s Your 30-Year Rate?
We publish the national average rate for different loan types and each state’s average 30-year rate every business day. New York, California and Florida currently have the lowest rates for 30-year loans.
Interest Rates on 15-Year Loans have Dropped Quarter of a Percentage.
The rates on new 15-year purchase loans dropped even further last week. This 15-year average dropped 25 basis point from one Friday to the next, dropping down to 5.84%. It is now at its lowest level for six weeks. In September 2015, 15-year mortgage rates also fell to their lowest level in two years, dipping to just 4.97%. (The Friday average rate was still 5.07%).
Prices for Jumbo 30-Year Bonds Dropped 18 Basis points
The rates on 30-year jumbo new purchases also dropped by 18 basis points over the course of the week. Falling from Nov. 22's reading of 6.90%, Friday's average was down to 6.72%. The September rate on new 30-year Jumbo Loans fell as low a 6.24%. However, the lowest weekly average was at 6.40%.
What constitutes 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.
What You Can Do This Week to Save on Your 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.
| The Monthly Payments on 30-Year Mortgages Today and 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 |
| Payments change monthly | -$31 | -$46 | -$61 | -$77 | -$92 | |
| Paying Monthly for 15 Year Loans: Today’s Payments and Last Week’s | ||||||
|---|---|---|---|---|---|---|
| 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 |
| Payments change monthly | -$27 | -$40 | -$54 | -$67 | -$81 | |
Jumbo 30-year loans are by definition larger mortgages, and we calculated our results using loan amounts between $800,000 and $1.2million. Mortgage payment savings range from $96 up to $144 per month, depending on loan size.
| Jumbo 30-year Loans: Monthly Payments Today and 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 |
| Payments change monthly | -$96 | -$108 | -$120 | -$132 | -$144 | |
What We Do to 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. These rates are what you can expect to receive from lenders when they give quotes based on your qualifications. They may differ from teaser rate advertisements. © Zillow, Inc., 2024. The Zillow terms of use apply.
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