Rates on 30-year mortgages rose moderately Friday. But thanks to a big mid-week fall, the flagship average managed to end the week lower than the 22-year peak it recorded Tuesday. Most other loan types saw rates flat or up Friday, with only the FHA 15-year average declining.
The latest 30-year fixed-rate average is 7.73%. Rates vary widely across lenders, though, so it’s always smart to shop around for your best mortgage option and compare rates regularly, no matter what type of loan you’re shopping for.
| National Averages of Lenders’ Best Rates | ||
|---|---|---|
| Loan Type | New Purchase | Refinance |
| 30-Year Fixed | 7.73% | 8.03% |
| FHA 30-Year Fixed | 7.62% | 7.81% |
| Jumbo 30-Year Fixed | 6.90% | 6.90% |
| 15-Year Fixed | 7.14% | 7.20% |
| 5/6 ARM | 7.43% | 7.60% |
IN THE NEWS
Freddie Mac released its weekly mortgage averages last Thursday, revealing a new 22-year high for 30-year rates. The Freddie Mac average jumped 14 basis points over the previous week to reach 7.23%, its highest level since June 2001.1
Freddie Mac’s averages vary from the averages we publish due to being a weekly indicator that blends five previous days of rates, and which may include mortgage discount points. Investopedia’s averages instead provide a daily rate snapshot, and with only zero-point rates.
Today’s National Mortgage Rate Averages
Rates on 30-year mortgages reclaimed some ground Friday, adding 6 basis points to raise the average to 7.73%. That comes after 30-year mortgage rates shot up Tuesday to their highest level in 22 years—averaging 7.80%— but then falling back to 7.66% the next day.
Rates on 15-year loans were also up Friday, though they only climbed a minor 2 basis points. Now averaging 7.14%, rates are just slightly below the 21-year high of 7.14% notched last Tuesday.
Friday’s jumbo 30-year rates were flat for a second day, after Wednesday falling 12 basis points from their record level of 7.02%. Daily jumbo averages are not available from any source before 2009, but it’s fair to assume that Tuesday’s peak was also the highest level seen in 20-plus years.
Only two loan types registered a significant climb Friday, with the VA 30-year average jumping 23 basis points and the jumbo 7/6 ARM average rising 12 points. Only one average dipped, with FHA 15-year rates subtracting a modest 3 basis points on average.
| National Averages of Lenders’ Best Rates – New Purchase | ||
|---|---|---|
| Loan Type | New Purchase Rates | Daily Change |
| 30-Year Fixed | 7.73% | +0.06 |
| FHA 30-Year Fixed | 7.62% | +0.09 |
| VA 30-Year Fixed | 7.53% | +0.23 |
| Jumbo 30-Year Fixed | 6.90% | No Change |
| 20-Year Fixed | 7.65% | +0.06 |
| 15-Year Fixed | 7.14% | +0.02 |
| FHA 15-Year Fixed | 7.22% | -0.03 |
| Jumbo 15-Year Fixed | 6.90% | No Change |
| 10-Year Fixed | 7.13% | +0.06 |
| 10/6 ARM | 7.35% | No Change |
| 7/6 ARM | 7.35% | +0.01 |
| Jumbo 7/6 ARM | 6.83% | +0.12 |
| 5/6 ARM | 7.43% | No Change |
| Jumbo 5/6 ARM | 6.81% | No Change |
Refinancing rates moved almost identically to new purchase rates Friday, with most averages flat or slightly up. The 30-year refi average gained 5 basis points, for a current spread between 30-year new purchase and refi rates of 30 basis points. The 15-year refi average meanwhile edged just 2 basis points higher, and the jumbo 30-year refi average marked time for a second day. More notable movement was seen for the FHA and VA 30-year refi averages, which added 20 and 17 basis points, respectively.
| National Averages of Lenders’ Best Rates – Refinance | ||
|---|---|---|
| Loan Type | Refinance Rates | Daily Change |
| 30-Year Fixed | 8.03% | +0.05 |
| FHA 30-Year Fixed | 7.81% | +0.20 |
| VA 30-Year Fixed | 7.90% | +0.17 |
| Jumbo 30-Year Fixed | 6.90% | No Change |
| 20-Year Fixed | 7.96% | +0.04 |
| 15-Year Fixed | 7.20% | +0.02 |
| FHA 15-Year Fixed | 7.35% | No Change |
| Jumbo 15-Year Fixed | 6.90% | No Change |
| 10-Year Fixed | 7.18% | +0.03 |
| 10/6 ARM | 7.70% | No Change |
| 7/6 ARM | 7.56% | +0.01 |
| Jumbo 7/6 ARM | 6.94% | +0.13 |
| 5/6 ARM | 7.60% | No Change |
| Jumbo 5/6 ARM | 6.81% | No Change |
Calculate monthly payments for different loan scenarios with our Mortgage Calculator.
The rates you see here generally won’t compare directly with teaser rates you see advertised online, since those rates are cherry-picked as the most attractive, while these rates are averages. Teaser rates may involve paying points in advance, or they may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan. The mortgage rate you ultimately secure will be based on factors like your credit score, income, and more, so it may be higher or lower than the averages you see here.
https://www.investopedia.com/mortgage-rates-rise-but-stay-below-recent-highs-7853368
