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What you need to know
- Since the Christmas holiday, mortgage rates seem to have dipped a little bit after reaching six-month highs around that time.
- The average rate for new fixed 30-year loans is 6.95%, down 4 basis points compared to the previous week.
- The average rate for 15-year loan dropped by 12 basis points from Friday to Friday, now at 6.14%.
- The average rate for Jumbo 30-years has dropped 7 basis points over the past week.
- Rates from early-2025 are equivalent to a $2,648 monthly payment on a $400,000 new loan with a 30 year term. You can find our mortgage calculators below, which will calculate different amounts of loan and the types.
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The Mortgage Rates are Surging for the Second Week
The Federal Reserve announced on Dec. 18, that they expect fewer rate reductions than originally forecast in 2025. This prompted a spike in rates around Christmas.
Rate averages have since dipped a little. The Friday-toFriday changes for each average new purchase loan are shown below. Next, we dive deeper into three of the most popular mortgage types, including 30-year, 15 year, and jumbo 30-year fixed rate loans.
| Mortgage Type | Dec. 27 averages | Jan. 3 averages | One-week Change |
|---|---|---|---|
| 30 Year Fixed | 6.99% | 6.95% | – 0.04 |
| FHA Fixed 30-Year Rate | 6.28% | 6.28% | No change |
| VA 30-Year Fixed | 6.54% | 6.48% | – 0.06 |
| The 20-Year Fixed Rate | 6.93% | 6.91% | – 0.02 |
| Fixed-Term 15 Years | 6.26% | 6.14% | – 0.12 |
| FHA Fixed 15-Year Rate | 6.40% | 6.40% | No change |
| 10 Year Fixed | 6.31% | 6.19% | – 0.12 |
| 7/6 Arm | 7.32% | 7.24% | – 0.08 |
| 5/6 AR | 7.42% | 7.30% | – 0.12 |
| Jumbo 30-Year Fixed | 6.92% | 6.85% | – 0.07 |
| Jumbo 15-Year Fixed | 6.81% | 6.71% | – 0.10 |
| Jumbo 7/6 ARM | 7.20% | 7.10% | – 0.10 |
| Jumbo 5/6 ARM | 7.16% | 7.17% | + 0.01 |
The 30-Year Mortgage rates have only slightly eased
In the week ending Friday, rates on 30-year purchase loans fell by just 4 basis point. While rates were lower on Friday compared to last week, they are still close to their 6-month-high of 7.02% which was recorded both December 24th and 26th.
It was better in September. The 30-year average fell to a 2-year low, 5.89%. (The cheapest-ever Friday average is 6.03%). The rates then increased through most of November and October, but have been elevated since.
What is the rate of 30-year interest in your state?
Each day we release national rates for various types of loans, as well as the 30-year averages in each state. New York, Florida and California currently have the lowest rates for 30-year loans.
The 15-Year Rate on Mortgages has Dropped by 12 Basis points.
This is a decline of 12 basis points week-over-week in the average 15 year new purchase rate. In September 2015, the 15-year rate fell to its lowest level in two years, lowering to just 4.97%. (The Friday average of 5.07% was still lower than that).
Reduced Jumbo Rates by 7 Basis Points
From Friday to Friday, rates for jumbo 30 year new purchase loans decreased by an average of 7 basis point. Current average rates are 6.85%, compared to the peak rate of 6.94% at Christmas. Rates on 30-year Jumbo Loans fell to as low as 6.4% in September. The lowest average weekly rate was 6.39%.
What exactly is 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 the weekly changes in interest rates 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.
| Weekly Change in Mortgage Payments on 30-Year Loans | ||||||
|---|---|---|---|---|---|---|
| National average rate | A loan of $200,000. | Loan of $300,000. | Loan of $400,000 | Loan of $500,000 | Loan of $600,000. | |
| Fri, Dec. 27 | 6.99% | $1,329 | $1,994 | $2,659 | $3,323 | $3,988 |
| Fri, Jan. 3 | 6.95% | $1,324 | $1,986 | $2,648 | $3,310 | $3,972 |
| One-week Change | – 0.04 | -$5 | -$8 | -$11 | -$13 | -$16 |
| Weekly Change in Monthly Payments of 15-Year Mortgages | ||||||
|---|---|---|---|---|---|---|
| National average rate | A loan of $200,000. | Loan of $300,000. | Loan of $400,000 | Loan of $500,000 | Loan of $600,000. | |
| Fri, Dec. 27 | 6.26% | $1,716 | $2,574 | $3,432 | $4,290 | $5,148 |
| Fri, Jan. 3 | 6.14% | $1,703 | $2,554 | $3,406 | $4,257 | $5,109 |
| One-week Change | – 0.12 | -$13 | -$20 | -$26 | -$33 | -$39 |
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.
| Weekly Change in Jumbo 30-Year Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | Loan of $800,000. | Loan of $900,000. | Loan of $1 Million | Loan of $1.1 Million | A $1.2 million Loan | |
| Fri, Dec. 27 | 6.92% | $5,280 | $5,940 | $6,600 | $7,260 | $7,920 |
| Fri, Jan. 3 | 6.85% | $5,242 | $5,897 | $6,553 | $7,208 | $7,863 |
| One-week Change | – 0.07 | -$38 | -$43 | -$47 | -$52 | -$57 |
The Mortgage Rate Tracker
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. Rates are based upon the qualifications of the borrower and may be different from those advertised in teaser offers. © Zillow, Inc., 2024. Zillow’s Terms and Conditions of Use apply.
Article sources Investopedia expects its writers to support their articles with primary sources. This includes white papers, official government data, reporting original and interviews conducted with industry experts. When appropriate, we reference the original research of other publishers. Learn more about how we produce accurate, unbiased material in our The editorial Policy.
Federal Housing Finance Agency "FHFA Announces Conforming Loan Limit Values for 2025."
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