Rates on 30-year mortgages edged slightly lower Tuesday, erasing their modest gain from the day before. That returns the flagship average to 7.11%, its lowest level since very early February. Rates for most other loan types meanwhile climbed.

Line graph showing the last 90 days of the 30-year mortgage rate average for new purchase loans - March 13, 2024

Because rates vary widely across lenders, 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 7.11% 7.71%
FHA 30-Year Fixed 7.11% 7.60%
Jumbo 30-Year Fixed 6.82% 6.83%
15-Year Fixed 6.56% 6.77%
5/6 ARM 7.66% 7.71%
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.
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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%. After five daily declines last week and then hovering this week, the flagship average is currently 7.11%, its cheapest level since Feb. 2.

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 climbed modestly Tuesday. Adding 6 basis points, the 15-year average is now 6.56%. Current rates are 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 rising to a three-month high of 6.95%, the jumbo 30-year average had been holding the last several days at a lower 6.70%. But Tuesday saw jumbo 30-year rates climb an eighth of a percentage point, pushing the average up to 6.82%. 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 other new purchase averages rose Tuesday. In addition to jumbo 30-year loans, the biggest gainers were the jumbo 5/6 and 7/6 adjustable-rate averages, which both climbed 12 basis points. The only loan type to decline Tuesday, besides the 30-year average, was jumbo 15-year loans, whose rates dipped a mild 2 basis points.

National Averages of Lenders’ Best Rates – New Purchase
Loan Type New Purchase Rates Daily Change
30-Year Fixed 7.11% -0.02
FHA 30-Year Fixed 7.11% No Change
VA 30-Year Fixed 6.89% +0.03
Jumbo 30-Year Fixed 6.82% +0.12
20-Year Fixed 6.93% +0.03
15-Year Fixed 6.56% +0.06
FHA 15-Year Fixed 6.81% +0.01
Jumbo 15-Year Fixed 6.64% -0.02
10-Year Fixed 6.44% +0.04
10/6 ARM 7.48% +0.07
7/6 ARM 7.51% +0.11
Jumbo 7/6 ARM 6.45% +0.12
5/6 ARM 7.66% +0.05
Jumbo 5/6 ARM 6.55% +0.12

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

After shooting up 21 basis points Monday, the 30-year refi average added another 6 basis points Tuesday. That stretches the gap between 30-year new purchase and refi rates to a wide 60 basis points, compared to just 33 points Friday.

While several jumbo refi averages jumped an eighth of a percentage point higher Tuesday, most other refinancing averages were nearly flat. Rates on 15-year refi loans inched just 3 basis points higher, and the only refi average to fall more than a couple basis points was FHA 30-year loans, whose refi average shed 5 points.

National Averages of Lenders’ Best Rates – Refinance
Loan Type Refinance Rates Daily Change
30-Year Fixed 7.71% +0.06
FHA 30-Year Fixed 7.60% -0.05
VA 30-Year Fixed 7.54% -0.01
Jumbo 30-Year Fixed 6.83% +0.13
20-Year Fixed 7.25% +0.06
15-Year Fixed 6.77% +0.03
FHA 15-Year Fixed 6.95% No Change
Jumbo 15-Year Fixed 6.66% No Change
10-Year Fixed 6.70% +0.04
10/6 ARM 7.66% +0.02
7/6 ARM 7.68% -0.02
Jumbo 7/6 ARM 6.55% +0.12
5/6 ARM 7.71% +0.01
Jumbo 5/6 ARM 6.55% +0.12

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.