Buying a House? How This Week's Mortgage Rate Rise Changes Monthly Payments
Key Takeaways
- New purchase mortgage rates for the major loan types jumped 11 to 19 basis points this past week.
- The 30-year fixed-rate average climbed 17 basis points to 6.92%.
- 15-year loans saw their average rate rise almost two-tenths of a percentage point to 6.10%.
- Jumbo 30-year rates added about a tenth of a point to reach 6.95%.
- On a loan of $200,000 to $600,000, this week's rate increases would bump up your monthly mortgage payment by $21 to $68 for a 30-year or 15-year loan.
- For jumbo loans, monthly payments are up $59 to $88 this week.
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Mortgage Rates Climbed for Most Loan Types Last Week
Mortgage rates continued their volatility last week, rising back up after previously easing lower. The latest Friday-to-Friday change has pushed the average rate up as much as 27 basis points. Here's a look at how each loan type fared from Friday, Nov. 8 to Friday, Nov. 15.
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. 8 national average | Nov. 15 national average | Friday-to-Friday change |
|---|---|---|---|
| 30-Year Fixed | 6.75% | 6.92% | + 0.17 |
| FHA 30-Year Fixed | 6.45% | 6.72% | + 0.27 |
| VA 30-Year Fixed | 6.13% | 6.36% | + 0.23 |
| 20-Year Fixed | 6.64% | 6.84% | + 0.20 |
| 15-Year Fixed | 5.91% | 6.10% | + 0.19 |
| FHA 15-Year Fixed | 6.17% | 6.40% | + 0.23 |
| 10-Year Fixed | 5.99% | 6.11% | + 0.12 |
| 7/6 ARM | 7.47% | 7.73% | + 0.26 |
| 5/6 ARM | 7.57% | 7.76% | + 0.19 |
| Jumbo 30-Year Fixed | 6.84% | 6.95% | + 0.11 |
| Jumbo 15-Year Fixed | 6.85% | 6.93% | + 0.08 |
| Jumbo 7/6 ARM | 7.38% | 7.25% | - 0.13 |
| Jumbo 5/6 ARM | 7.46% | 7.43% | - 0.03 |
30-Year Mortgage Rates Rose 17 Basis Points
Rates on 30-year new purchase mortgages saw a notable uptick last week. After averaging 6.75% on Friday, Nov. 8, rates moved higher on three of the four days in the holiday-shortened. They ended Friday with a gain of 17 basis points to a 6.92% average, which is just below the recent four-month high of 6.93%.
Back in September, the 30-year average plunged to a two-year low of 5.89%, though the cheapest Friday average was 6.03%. Since then, however, 30-year rates have shown a Friday-over-Friday climb in six of the last eight 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 Jumped About Two-Tenths of a Point
Rates on 15-year new purchase loans saw an even bigger increase this past week. The 15-year new purchase average shot up 19 basis points from Nov. 8 to this past Friday, rising back up to 6.10%—matching its most expensive level since early July. Like 30-year loans, rates on 15-year mortgages dropped to a two-year low in September, sinking to 4.97% (though the lowest Friday weekly average was 5.07%).
Jumbo 30-Year Rates Climbed 11 Basis Points
Rates on jumbo 30-year new purchase loans inched up a more modest 11 basis points week-over-week. Rising from Nov. 8's reading of 6.84%, Friday's average had reached up to 6.95%. But mid-week, jumbo 30-year rates climbed as high as 6.99%. In contrast, 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 $21 to $68 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. 8 | 6.75% | $1,297 | $1,946 | $2,594 | $3,243 | $3,892 |
| Fri, Nov. 15 | 6.92% | $1,320 | $1,980 | $2,640 | $3,300 | $3,960 |
| Monthly payment change | $23 | $34 | $45 | $57 | $68 | |
| 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. 8 | 5.91% | $1,678 | $2,517 | $3,356 | $4,195 | $5,034 |
| Fri, Nov. 15 | 6.10% | $1,699 | $2,548 | $3,397 | $4,246 | $5,096 |
| Monthly payment change | $21 | $31 | $41 | $51 | $62 | |
Jumbo 30-year mortgages by definition have higher loan amounts, so here we ran our calculations on loan amounts of $800,000 to $1.2 million. The mortgage payment increase this week ranged from $59 to $88 more 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. 8 | 6.84% | $5,237 | $5,891 | $6,546 | $7,201 | $7,855 |
| Fri, Nov. 15 | 6.95% | $5,296 | $5,958 | $6,619 | $7,281 | $7,943 |
| Monthly payment change | $59 | $66 | $74 | $81 | $88 | |
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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