Key Takeaways
- New purchase mortgage rates for most loan types showed only minor movement last week.
- The 30-year fixed-rate average was essentially flat week-over-week, subtracting a single basis point to land at 6.56%.
- 15-year loans saw their average rate dip 3 basis points to 5.65%.
- Jumbo 30-year rates saw a larger decline, falling 22 basis points to a 6.57% average.
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30-Year Mortgage Rates Showed Little Change
Friday’s rates on 30-year new purchase mortgages were down just 1 basis point from the previous Friday, Oct. 11. The national rate average is now 6.56%. On Sept. 17, the 30-year average plunged to a two-year low of 5.89%, though the lowest Friday weekly average was 6.03%. Since then, however, rates climbed for three weeks before recently plateauing.
15-Year Mortgage Rates Dipped Mildly
Movement was also minimal for 15-year rates over the past week. The 15-year new purchase average declined a modest 3 basis points from Oct. 11 to this past Friday, edging to a lower 5.65% average from 5.68%. Rates on 15-year loans also hit a two-year low in September, sinking to 4.97%, though the lowest Friday average we’ve recently seen was 5.07%.
Jumbo 30-Year Rates Dropped Considerably
Rates on jumbo 30-year new purchase loans in contrast showed a major drop this week. Falling 22 basis points from Oct. 11’s average of 6.79%, Friday’s average was down to 6.57%. 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%.
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.
