Key Takeaways
- Mortgage rates held their ground this week—which is good news given the improvement rates have seen since notching a peak four weeks ago.
- Rates on new 30-year fixed-rate loans averaged 6.84% on Friday—25 basis points lower than the Jan. 10 average of 7.09%.
- 15-year loans are averaging just below 6%, with a Friday average of 5.99% vs. 6.22% four weeks ago. That’s a 23-basis-point decline.
- Jumbo 30-year rates inched up slightly this week to a 6.79% average—16 basis points below the 6.95% reading on Jan. 10.
- On a new loan of $350,000 with a 30-year term, today’s average rate translates into a monthly payment of $2,291. That’s down $59 per month from four weeks ago.
- See our tables below for other loan amounts and mortgage types.
The full article continues below these offers from our partners.
Mortgage Rates Moving Even Lower Under 7%
Though new purchase mortgage rates saw welcome declines in late November and early December, they bolted higher around Christmas—and then higher still in mid-January. But the last four weeks have brought some welcome relief, sending the flagship 30-year average back below the notable 7% mark.
The most common loan types saw rates hold close to their averages from a week ago, keeping them well below the peaks registered on Jan. 10. Below, you can see the 1-week and 4-week changes for each new purchase loan average, followed by a deeper dive into 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Jan. 10 averages | Feb. 7 averages | 1-week change | 4-week change |
|---|---|---|---|---|
| 30-Year Fixed | 7.09% | 6.84% | No change | – 0.25 |
| VA 30-Year Fixed | 6.59% | 6.35% | – 0.01 | – 0.24 |
| 20-Year Fixed | 6.99% | 6.65% | + 0.01 | – 0.34 |
| 15-Year Fixed | 6.22% | 5.99% | + 0.01 | – 0.23 |
| 10-Year Fixed | 6.24% | 5.77% | – 0.08 | – 0.47 |
| 7/6 ARM | 7.55% | 7.27% | + 0.16 | – 0.28 |
| 5/6 ARM | 7.57% | 7.33% | + 0.08 | – 0.24 |
| Jumbo 30-Year Fixed | 6.95% | 6.79% | + 0.04 | – 0.16 |
| Jumbo 15-Year Fixed | 6.93% | 6.84% | + 0.20 | – 0.09 |
| Jumbo 7/6 ARM | 7.35% | 6.99% | + 0.09 | – 0.36 |
| Jumbo 5/6 ARM | 7.31% | 7.08% | + 0.05 | – 0.23 |
30-Year Mortgage Rates Holding at 7-Week Low
Rates on 30-year new purchase loans ended last week, even with the previous Friday, at a 6.84% average. That’s the lowest Friday reading since the Dec. 13 average of 6.77%. Compared to four weeks ago, when rates shot up to a 7-month high of 7.09%, today’s 30-year rates are a full quarter percentage point lower.
Despite the improvement, things were better in September, when the 30-year average plunged to a two-year low of 5.89% (the cheapest Friday average being 6.03%). But rates surged through much of October and November and then took additional steps higher around Christmas and again in early January.
15-Year Mortgage Rates Remain Below 6%
Rates on 15-year new purchase loans ticked up a minimal basis point Friday-to-Friday, ending last week at 5.99%. But that’s a 23-point improvement vs. the Jan. 10 peak of 6.22%. Like 30-year mortgages, 15-year rates sank to a two-year low in September, falling as far as 4.97% (though the lowest Friday weekly average was 5.07%).
Jumbo 30-Year Rates Inch Up, But Keep Near December Low
Rates on jumbo 30-year new purchase loans edged a little higher last week, gaining 4 basis points for a Friday average of 6.79%. That’s 16 basis points below the 6.95% reading four weeks ago. Back in September, rates on new 30-year jumbo loans fell as far as 6.24%, with the lowest weekly average registering at 6.39%.
What’s a jumbo loan?
A jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—$806,500 for single-family homes in most parts of the U.S. in 2025, but up to $1,209,750 in certain more expensive areas.
Here’s How Much Monthly Payments Are Now
To see how much this week’s rate increases would impact monthly payments for new borrowers, our tables below lay out the principal-plus-interest payment for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.
| Monthly Mortgage Payments for 30-Year Loans – Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Jan. 10 | 7.09% | $1,678 | $2,350 | $3,021 | $3,692 | $4,364 |
| Fri, Feb. 7 | 6.84% | $1,636 | $2,291 | $2,946 | $3,600 | $4,255 |
| 4-week change | – 0.25 | – $42 | – $59 | – $75 | – $92 | – $109 |
| Monthly Mortgage Payments for 15-Year Loans – Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Jan. 10 | 6.22% | $2,139 | $2,995 | $3,851 | $4,707 | $5,563 |
| Fri, Feb. 7 | 5.99% | $2,108 | $2,952 | $3,795 | $4,638 | $5,482 |
| 4-week change | – 0.23 | – $31 | – $44 | – $56 | – $69 | – $81 |
By definition, jumbo 30-year mortgages are larger loans. So below we’ve run our calculations on loan amounts of $800,000 to $1.2 million.
| Monthly Mortgage Payments for Jumbo 30-Year Loans – Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $800,000 loan | $900,000 loan | $1 million loan | $1.1 million loan | $1.2 million loan | |
| Fri, Jan. 10 | 6.95% | $5,296 | $5,958 | $6,619 | $7,281 | $7,943 |
| Fri, Feb. 7 | 6.79% | $5,210 | $5,861 | $6,513 | $7,164 | $7,815 |
| 4-week change | – 0.16 | – $86 | – $96 | – $107 | – $118 | – $128 |
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.