Key Takeaways
- Mortgage rates jumped a fair bit higher over the past week, after already surging around Christmas.
- Rates on new 30-year fixed-rate loans are up a bold 14 basis points from the previous week, averaging 7.09% on Friday. It’s their highest level in seven months.
- 15-year loans saw their Friday-to-Friday rate rise a more moderate 8 basis points, now averaging 6.22%.
- Jumbo 30-year rates meanwhile added 10 basis points across the week, reaching a 6.95% average.
- On a new loan of $350,000 with a 30-year term, today’s rates translate into a monthly payment of $2,350 vs. $2,317 last week. See our tables below for different loan amounts and mortgage types.
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Mortgage Rates Continue to Climb
Though new purchase mortgage rates saw notable declines in late November and early December, they bolted higher around Christmas, and have now gotten even more expensive. The increase is largely triggered by fading expectations for Federal Reserve rate cuts in 2025.
Rate averages climbed for every new purchase loan type over the past week, with some seeing sizable increases. Below, you can see the Friday-to-Friday change 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. 3 averages | Jan. 10 averages | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 6.95% | 7.09% | + 0.14 |
| VA 30-Year Fixed | 6.48% | 6.59% | + 0.11 |
| 20-Year Fixed | 6.91% | 6.99% | + 0.08 |
| 15-Year Fixed | 6.14% | 6.22% | + 0.08 |
| 10-Year Fixed | 6.19% | 6.24% | + 0.05 |
| 7/6 ARM | 7.24% | 7.55% | + 0.31 |
| 5/6 ARM | 7.30% | 7.57% | + 0.27 |
| Jumbo 30-Year Fixed | 6.85% | 6.95% | + 0.10 |
| Jumbo 15-Year Fixed | 6.71% | 6.93% | + 0.22 |
| Jumbo 7/6 ARM | 7.10% | 7.35% | + 0.25 |
| Jumbo 5/6 ARM | 7.17% | 7.31% | + 0.14 |
30-Year Mortgage Rates Shoot Up
Rates on 30-year new purchase loans jumped 14 basis points over the past week, pushing the flagship average up to 7.09% on Friday. That’s now the highest level for 30-year rates since late May.
Things were better in September, when the 30-year average plunged to a two-year low of 5.89% (with the cheapest Friday average being 6.03%). But rates then surged through much of October and November, and then took additional steps higher around Christmas and again last week.
15-Year Mortgage Rates Climb Moderately
The 15-year new purchase rate average bumped up to 6.22% Friday, for an 8 basis point increase week over week. Like 30-year loans, 15-year rates dropped to a two-year low in September, sinking to 4.97% (though the lowest Friday weekly average was 5.07%).
Jumbo 30-Year Rates Add a Tenth of a Point
Rates on jumbo 30-year new purchase loans rose a notable 10 basis points from Friday to Friday. The current average is 6.95%, matching a mid-November peak. In September, rates on new 30-year jumbo loans fell as low 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. 3 | 6.95% | $1,655 | $2,317 | $2,979 | $3,641 | $4,303 |
| Fri, Jan. 10 | 7.09% | $1,678 | $2,350 | $3,021 | $3,692 | $4,364 |
| 1-week change | + 0.14 | + $24 | + $33 | + $42 | + $52 | + $61 |
| 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. 3 | 6.14% | $2,129 | $2,980 | $3,831 | $4,683 | $5,534 |
| Fri, Jan. 10 | 6.22% | $2,139 | $2,995 | $3,851 | $4,707 | $5,563 |
| 1-week change | + 0.08 | + $11 | + $15 | + $20 | + $24 | + $28 |
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. 3 | 6.85% | $5,242 | $5,897 | $6,553 | $7,208 | $7,863 |
| Fri, Jan. 10 | 6.95% | $5,296 | $5,958 | $6,619 | $7,281 | $7,943 |
| 1-week change | + 0.10 | + $54 | + $60 | + $67 | + $74 | + $80 |
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.
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