After falling more than a quarter point over five days, 30-year new purchase mortgage rates showed little movement Monday, barely ticking up to a 7.13% average. Most other averages were also flat or roughly steady Monday—except 30-year refi rates, which spiked.

Rates vary widely across lenders, so it’s always smart to shop around for your best mortgage option and compare rates regularly, no matter the type of home loan you’re seeking.

National Averages of Lenders’ Best Rates
Loan Type New Purchase Refinance
30-Year Fixed 7.13% 7.65%
FHA 30-Year Fixed 7.11% 7.65%
Jumbo 30-Year Fixed 6.70% 6.70%
15-Year Fixed 6.50% 6.74%
5/6 ARM 7.61% 7.70%
National averages of the lowest rates offered by more than 200 of the country’s top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700–760, and no mortgage points.

Today’s Mortgage Rate Averages: New Purchase

Rates on 30-year new purchase mortgages have come down considerably since shooting up in mid-February to 7.48%. Daily declines throughout last week sank the flagship average to 7.11%, its cheapest level since Feb. 2. Then Monday saw rates rise just 2 basis points, lifting the average slightly to 7.13%.

Given that 30-year rates sank into 6% territory at the start of February, the current average is still mildly elevated. But the recent trajectory has been downward. Also, rates are notably cheaper than in October, when the 30-year average notched a historic 23-year peak of 8.45%.

Rates on 15-year new purchase loans also climbed just modestly Monday. Tacking on 3 basis points, the 15-year average is 6.50%. Its previous daily average of 6.47% was the lowest mark for 15-year rates since Feb. 7. Current rates are a bit pricier than the seven-month low of 6.10% we saw just before the new year. But last October, 15-year rates reached as high as 7.59%–a peak since 2000.

After recently to a three-month-high of 6.95%, the jumbo 30-year average is down to 6.70%, a 3-week low that held steady for a third day Monday. Though daily historical jumbo rates were not available before 2009, it’s estimated the 7.52% peak reached in October was the most expensive jumbo 30-year average in more than 20 years.

Most new purchase averages were flat Monday or moved just a few basis points higher. The biggest gain was a mild 7 basis points for FHA 30-year loans, and the only new purchase average to fall was FHA 15-year loans, whose average dipped a minor 3 basis points

National Averages of Lenders’ Best Rates – New Purchase
Loan Type New Purchase Rates Daily Change
30-Year Fixed 7.13% +0.02
FHA 30-Year Fixed 7.11% +0.07
VA 30-Year Fixed 6.86% +0.05
Jumbo 30-Year Fixed 6.70% No Change
20-Year Fixed 6.90% +0.02
15-Year Fixed 6.50% +0.03
FHA 15-Year Fixed 6.80% -0.03
Jumbo 15-Year Fixed 6.66% No Change
10-Year Fixed 6.40% +0.01
10/6 ARM 7.41% +0.04
7/6 ARM 7.40% +0.05
Jumbo 7/6 ARM 6.33% No Change
5/6 ARM 7.61% No Change
Jumbo 5/6 ARM 6.43% No Change

The Weekly Freddie Mac Average

Every Thursday afternoon, Freddie Mac publishes a weekly average of 30-year mortgage rates, and last week’s reading subtracted 6 basis points to fall to 6.88%. Back in late October, Freddie Mac’s average reached a historic peak of 7.79%—its most expensive level in 23 years. But since then, it has come down significantly, registering a recent low of 6.60% in mid-January.1

Freddie Mac’s average differs from our own 30-year average for two notable reasons. First, Freddie Mac calculates a weekly average that blends five previous days of rates, while our Investopedia averages are daily, offering a more precise and timely indicator of rate movement. Second, the rates included in Freddie Mac’s survey can include loans priced with discount points, while Investopedia’s averages only include zero-point loans.

Today’s Mortgage Rate Averages: Refinancing

Though most of Monday’s refinancing averages also held roughly steady, the 30-year refi average shot up by 21 basis points. That stretches the gap between 30-year new purchase and refi rates to a much wider 52 basis points, vs. 33 points Friday.

Rates on 15-year refi loans meanwhile edged 4 basis points higher, while the jumbo 30-year refi average marked time for a third day. Aside from standard 30-year loans, the biggest refi rate gains Monday were seen for VA and FHA 30-year mortgages, whose refi averages climbed 12 and 11 basis points, respectively.

National Averages of Lenders’ Best Rates – Refinance
Loan Type Refinance Rates Daily Change
30-Year Fixed 7.65% +0.21
FHA 30-Year Fixed 7.65% +0.11
VA 30-Year Fixed 7.55% +0.12
Jumbo 30-Year Fixed 6.70% No Change
20-Year Fixed 7.19% +0.03
15-Year Fixed 6.74% +0.04
FHA 15-Year Fixed 6.95% No Change
Jumbo 15-Year Fixed 6.66% No Change
10-Year Fixed 6.66% +0.04
10/6 ARM 7.64% +0.02
7/6 ARM 7.70% -0.01
Jumbo 7/6 ARM 6.43% No Change
5/6 ARM 7.70% -0.01
Jumbo 5/6 ARM 6.43% 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.