Today’s mortgage rates and trends


Mortgage rates remained largely unchanged on Friday, ending the week almost at the same level as the week before and just a few basis points above their lowest level in five months. After the latest Fed announcement led to a sharp hike in rates in mid-June, the main averages on mortgages have since virtually offset the increase.

National Average Best Lender Rates
Loan type Purchase Refinancing
30 year fixed 3.03% 3.25%
FHA 30 year fixed 2.90% 3.10%
Jumbo 30 Years Fixed 3.20% 3.49%
15 year fixed 2.32% 2.56%
5/1 ARM 2.34% 2.91%
The national average is the lowest rates offered by over 200 of the country’s top lenders, with a loan-to-value (LTV) ratio of 80%, an applicant with an FICO credit rating of 700-760 and no mortgage points.

Today’s average national mortgage rates

The 30-year fixed rate mortgage averages fell one basis point on Friday to 3.03% per annum. This is well below the 3.24% spike triggered by the Fed’s June announcement that it will accelerate the timing of cutting federal bond purchases, and just above the 90-day low of 3.00%.

The average for mortgages with fixed interest rates for 15 and 30 years also fell minimally. The 15-year average fixed rate fell to 2.32%, and the Jumbo fell two basis points over 30 years, bringing the average to 3.20%. Jumbo averages over 15 and 30 years are currently three to four basis points above their three-month lows.

Refinancing loans were on average 20-29 basis points higher than the new fixed interest rate loans, while the 5/1 ARM refinancing currently implies a 57 point premium to the new buy rates.


The rates you see here will usually not be directly compared to the teaser rates you see in online advertisements, as these rates are selected as the most attractive. These may include prepayment of points, or they may be selected based on a hypothetical borrower with an ultra-high credit rating or taking out a loan less than usual, taking into account the value of the house.

National Average Best Lender Rates – New Purchase
Loan type New purchase Daily change
30 year fixed 3.03% -0.01
FHA 30 year fixed 2.90% -0.02
VA 30 year fixed 2.92% -0.02
Jumbo 30 Years Fixed 3.20% -0.02
20 year fixed 2.85% -0.01
15 year fixed 2.32% -0.01
Jumbo, 15 years old, fixed 2.81% -0.03
10 year fixed 2.22% Without changes
10/1 ARM 3.66% +0.06
10/6 ARM 3.34% +0.11
7/1 ARM 3.87% -0.10
Jumbo 7/1 ARM 2.21% -0.01
7/6 ARM 3.75% +0.43
Jumbo 7/6 ARM 2.41% Without changes
5/1 ARM 2.34% -0.05
Jumbo 5/1 ARM 2.06% -0.01
5/6 ARM 3.85% -0.03
Jumbo 5/6 ARM 2.56% Without changes
National Average Best Lender Rates – Refinancing
Loan type Refinancing Daily change
30 year fixed 3.25% -0.01
FHA 30 year fixed 3.10% -0.02
VA 30 year fixed 3.19% -0.03
Jumbo 30 Years Fixed 3.49% -0.01
20 year fixed 3.10% -0.02
15 year fixed 2.56% -0.01
Jumbo fixed for 15 years 3.03% -0.05
10 year fixed 2.51% Without changes
10/1 ARM 4.01% +0.02
10/6 ARM 4.20% +0.03
7/1 ARM 4.00% -0.10
Jumbo 7/1 ARM 2.45% -0.02
7/6 ARM 4.45% +0.07
Jumbo 7/6 ARM 2.77% Without changes
5/1 ARM 2.91% Without changes
Jumbo 5/1 ARM 2.29% -0.01
5/6 ARM 4.58% +0.22
Jumbo 5/6 ARM 2.84% Without changes

Lowest mortgage rates by state

The lowest mortgage rates available vary depending on the state in which the origination takes place. Mortgage rates can be influenced by variations in the state’s credit rating, average mortgage term and size, and different risk management strategies of individual lenders.

These rates are collected directly from over 200 leading lenders.

What causes mortgage rates to rise or fall?

Mortgage rates are determined by a complex interplay of macroeconomic and industry factors such as the level and direction of the bond market, including the yield on 10-year Treasuries; the current monetary policy of the Federal Reserve, especially with regard to financing government-backed mortgages; and competition between lenders and between types of loans. Since fluctuations can be caused by any number of them at the same time, it is usually difficult to attribute the change to any one factor.

Macroeconomic factors have kept the mortgage market relatively low over the past two months. Specifically, the Federal Reserve buys billions of dollars in bonds and continues to do so. This bond buying policy (rather than the more publicized federal funds rate) has a big impact on mortgage rates.

But the Fed’s policy may soon change. The Fed’s Rates and Policy Committee, called the Federal Open Market Committee (FOMC), meets every 6-8 weeks and ended its last meeting on June 16. While they have yet to announce any changes to their bond buying plans, they indicated that a shift could occur over the horizon. This prediction language, without any actual change, is enough to drive up mortgage rates.


The above country averages were calculated based on the lowest rate offered by more than 200 of the country’s top lenders, assuming that credit-to-value ratio (LTV) 80% and an applicant with a FICO credit rating in the 700-760 range. The rates received are representative of what customers should expect to see when receiving actual bids from lenders based on their qualifications, which may differ from advertised teaser rates.

Our Best Government Rates Map shows the lowest rate currently offered by a surveyed lender in that state, with the same parameters of 80% LTV and a credit rating of 700 to 760.

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