With Mortgage Rates Near a 4-Week Low, How Much Would Your Monthly Payment Be?
Key Takeaways
- Mortgage rates are up just a couple of basis points since last week, keeping them near their post-Christmas low.
- Rates on new 30-year fixed-rate loans averaged 6.98% on Friday, as compared to the 4-week low of 6.93%.
- 15-year loans saw their Friday-to-Friday average rise a more sizable 8 basis points, now up to 6.14%.
- Jumbo 30-year rates meanwhile added 5 basis points across the week, inching up to a 6.89% average.
- On a new loan of $350,000 with a 30-year term, today's average rate translates into a monthly payment of $2,324. See our tables below for other loan amounts and mortgage types.
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Mortgage Rates Holding Their Ground Below 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 two weeks have brought a little relief, sending the flagship mortgage average back below the notable 7% mark.
Rate averages showed little to no change across several new purchase loan types last week, though a few saw more notable movement. 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. 17 averages | Jan. 24 averages | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 6.96% | 6.98% | + 0.02 |
| VA 30-Year Fixed | 6.46% | 6.51% | + 0.05 |
| 20-Year Fixed | 6.78% | 6.81% | + 0.03 |
| 15-Year Fixed | 6.06% | 6.14% | + 0.08 |
| 10-Year Fixed | 5.95% | 6.09% | + 0.14 |
| 7/6 ARM | 7.34% | 7.15% | - 0.19 |
| 5/6 ARM | 7.38% | 7.23% | - 0.15 |
| Jumbo 30-Year Fixed | 6.84% | 6.89% | + 0.05 |
| Jumbo 15-Year Fixed | 6.90% | 6.75% | - 0.15 |
| Jumbo 7/6 ARM | 7.02% | 7.03% | + 0.01 |
| Jumbo 5/6 ARM | 7.15% | 7.06% | - 0.09 |
30-Year Mortgage Rates Hovering Near 4-Week Low
Rates on 30-year new purchase loans tacked on a minor 2 basis points over the past week, nudging the average up to 6.98% Friday. That's within just a few points of the 2025 low of 6.93%. Two weeks prior, rates shot up to a 7.13% average—a 7-month high—but have held below the 7% mark since Jan. 16.
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 in January.
What's the 30-Year Rate in Your State?
Every business day, we publish national rate averages for various loan types, and also each state's 30-year rate average. Right now, New York, Colorado, and Oregon have the lowest 30-year rates.
15-Year Mortgage Rates Saw a Bigger Climb
Rates on 15-year new purchase loans rose a bit more significantly last week, adding 8 basis points to average 6.14% Friday. Like 30-year loans, 15-year rates sank to a two-year low in September, dropping as far as 4.97% (though the lowest Friday weekly average was 5.07%).
Jumbo 30-Year Rates Moved Mildly Higher
Rates on jumbo 30-year new purchase loans climbed 5 basis points across the week, raising the average from 6.84% to 6.89%. 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. 17 | 6.96% | $1,657 | $2,319 | $2,982 | $3,644 | $4,307 |
| Fri, Jan. 24 | 6.98% | $1,660 | $2,324 | $2,988 | $3,652 | $4,316 |
| 1-week change | + 0.02 | + $3 | + $5 | + $6 | + $7 | + $9 |
| 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. 17 | 6.06% | $2,118 | $2,965 | $3,812 | $4,659 | $5,506 |
| Fri, Jan. 24 | 6.14% | $2,129 | $2,980 | $3,831 | $4,683 | $5,534 |
| 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. 17 | 6.84% | $5,237 | $5,891 | $6,546 | $7,201 | $7,855 |
| Fri, Jan. 24 | 6.89% | $5,263 | $5,921 | $6,579 | $7,237 | $7,895 |
| 1-week change | + 0.05 | + $27 | + $30 | + $33 | + $37 | + $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.
Federal Housing Finance Agency. "FHFA Announces Conforming Loan Limit Values for 2025."
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