Mortgage Rates Have Dropped This Week. How Much Would It Lower Your Monthly Payment?
Key Takeaways
- Mortgage rates for the major new purchase loan types edged 6 to 15 basis points lower over the past week.
- The 30-year fixed-rate average fell 15 basis points to 6.75%.
- 15-year loans saw their average rate drop 10 basis points to 5.91%.
- Jumbo 30-year rates dipped 6 basis points, to a 6.84% average.
- On loans of $200,000 to $600,000 with 30-year or 15-year terms, this week's friendlier rates would lower monthly mortgage payments by $11 to $60.
- For bigger jumbo loans, monthly payments are down $32 to $48 this week.
Looking for refi rates? We cover mortgage refinance rates every business day, including the national average refi rate for all major loan types, as well as state-by-state averages for 30-year refi loans.
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Mortgage Rates Rose for Most Loan Types Last Week
After surging since sinking to a two-year low in September, mortgage rates finally took their foot off the gas this past week. The Friday-to-Friday decline has brought the average rate down on some of the most popular loan types by as much as 22 basis points. Here's a look at how each loan type fared from Friday, Nov. 1 to Friday, Nov. 8.
Then below, we dig deeper into three of the most common mortgage types: 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Nov. 1 national average | Nov. 8 national average | Friday-to-Friday change |
|---|---|---|---|
| 30-Year Fixed | 6.90% | 6.75% | - 0.15 |
| VA 30-Year Fixed | 6.33% | 6.13% | - 0.20 |
| 20-Year Fixed | 6.86% | 6.64% | - 0.22 |
| 15-Year Fixed | 6.01% | 5.91% | - 0.10 |
| 10-Year Fixed | 6.01% | 5.99% | - 0.02 |
| 7/6 ARM | 7.43% | 7.47% | + 0.04 |
| 5/6 ARM | 7.53% | 7.57% | + 0.04 |
| Jumbo 30-Year Fixed | 6.90% | 6.84% | - 0.06 |
| Jumbo 15-Year Fixed | 6.89% | 6.85% | - 0.04 |
| Jumbo 7/6 ARM | 7.18% | 7.38% | + 0.20 |
| Jumbo 5/6 ARM | 7.42% | 7.46% | + 0.04 |
30-Year Mortgage Rates Fell 15 Basis Points
Rates on 30-year new purchase mortgages saw a notable drop last week. After averaging 6.90% on Friday, Nov. 1, rates fell quickly during the last two days of the week. They ended Friday with a 6.75% average, for a weekly drop of 15 basis points.
In mid-September, the 30-year average plunged to a two-year low of 5.89%, though the lowest Friday average was 6.03%. Since then, however, 30-year rates have shown a Friday-over-Friday climb in five of the last seven weeks.
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, California, Florida, Texas, and Colorado have the lowest 30-year rates.
15-Year Mortgage Rates Gave Up a Tenth of a Point
Rates on 15-year new purchase loans also fell this past week. The 15-year new purchase average subtracted 10 basis points from Nov. 1 to this past Friday, sinking back below the 6% threshold with a new 5.91% average. Like 30-year loans, rates on 15-year mortgages hit a two-year low in September, sinking to 4.97% (though the lowest Friday average was 5.07%).
Jumbo 30-Year Rates Eased Modestly Lower
Rates on jumbo 30-year new purchase loans dipped a more modest 6 basis points week-over-week. Dropping from Nov. 1's average of 6.90%, Friday's reading was down to 6.84%. Rates on new 30-year jumbo loans fell to a 19-month low of 6.24% on Sept. 18, with the lowest Friday average registering at 6.40%.
What's considered 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 Today's Monthly Payments Now Look Like
To see how this week's higher interest rates translate into 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 rose $11 to $60 per month over the past week.
| Monthly Mortgage Payments for 30-Year Loans - Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National average rate | $200,000 | $300,000 | $400,000 | $500,000 | $600,000 | |
| Fri, Nov. 1 | 6.90% | $1,317 | $1,976 | $2,634 | $3,293 | $3,952 |
| Fri, Nov. 8 | 6.75% | $1,297 | $1,946 | $2,594 | $3,243 | $3,892 |
| Monthly payment change | -$20 | -$30 | -$40 | -$50 | -$60 | |
| Monthly Mortgage Payments for 15-Year Loans - Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National average rate | $200,000 | $300,000 | $400,000 | $500,000 | $600,000 | |
| Fri, Nov. 1 | 6.01% | $1,689 | $2,533 | $3,378 | $4,222 | $5,066 |
| Fri, Nov. 8 | 5.91% | $1,678 | $2,517 | $3,356 | $4,195 | $5,034 |
| Monthly payment change | -$11 | -$16 | -$22 | -$27 | -$32 | |
Jumbo 30-year mortgages by definition have higher loan amounts, so here we ran our calculations with loan amounts of $800,000 to $1.2 million. The mortgage payment increase this week ranged from $32 to $48 per month depending on the loan size.
| Monthly Mortgage Payments for Jumbo 30-Year Loans - Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National average rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
| Fri, Nov. 1 | 6.90% | $5,269 | $5,927 | $6,586 | $7,245 | $7,903 |
| Fri, Nov. 8 | 6.84% | $5,237 | $5,891 | $6,546 | $7,201 | $7,855 |
| Monthly payment change | -$32 | -$36 | -$40 | -$44 | -$48 | |
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.
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