As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.
As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.
Mortgage rates fall to lowest levels in months.
“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”
Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.
Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.
The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:
Today’s Average Rates for Conventional Loans
Program | Interest Rate | APR | 1 Wk Change |
---|---|---|---|
30-Year Fixed | 2.77% | 2.82% | 0.11% |
20-Year Fixed | 2.63% | 2.71% | 0.06% |
15-Year Fixed | 2.09% | 2.17% | 0.03% |
10-Year Fixed | 2.03% | 2.15% | -0.08% |
7/1 ARM | 2.22% | 2.92% | 0.26% |
5/1 ARM | 2.19% | 3.04% | 0.21% |
3/1 ARM | 0% | 0% | 0% |
A 30-Year Fixed loan of $300,000 at 2.77% APR with a $75,000 down payment will have a monthly payment of $1,227. A 20-Year Fixed loan of $300,000 at 2.63% APR with a $75,000 down payment will have a monthly payment of $1,609. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,942. A 10-Year Fixed loan of $300,000 at 2.03% APR with a $75,000 down payment will have a monthly payment of $2,764. A 7/1 ARM loan of $300,000 at 2.22% APR with a $75,000 down payment will have a monthly payment of $1,141. A 5/1 ARM loan of $300,000 at 2.19% APR with a $75,000 down payment will have a monthly payment of $1,137. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today’s Average Rates for Government Loans
Program | Interest Rate | APR | 1 Wk Change |
---|---|---|---|
30-Year Fixed FHA | 2.4% | 3.07% | 0.17% |
30-Year Fixed VA | 2.47% | 2.73% | 0.12% |
15-Year Fixed FHA | 2.23% | 2.93% | 0.09% |
15-Year Fixed VA | 2.42% | 2.89% | 0.17% |
5/1 ARM FHA | 2.59% | 2.97% | 0.02% |
5/1 ARM VA | 3.17% | 2.83% | -0.27% |
A 30-Year Fixed FHA loan of $300,000 at 2.4% APR with a $75,000 down payment will have a monthly payment of $1,170. A 30-Year Fixed VA loan of $300,000 at 2.47% APR with a $75,000 down payment will have a monthly payment of $1,180. A 15-Year Fixed FHA loan of $300,000 at 2.23% APR with a $75,000 down payment will have a monthly payment of $1,962. A 15-Year Fixed VA loan of $300,000 at 2.42% APR with a $75,000 down payment will have a monthly payment of $1,988. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.17% APR with a $75,000 down payment will have a monthly payment of $1,291. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today’s Average Rates for Jumbo Loans
Program | Interest Rate | APR | 1 Wk Change |
---|---|---|---|
30-Year Fixed Jumbo | 3.2% | 3.25% | 0.09% |
20-Year Fixed Jumbo | 3.28% | 3.32% | 0.25% |
15-Year Fixed Jumbo | 2.81% | 2.89% | 0.11% |
10-Year Fixed Jumbo | 2.5% | 2.6% | 0.1% |
7/1 ARM Jumbo | 2.68% | 3.17% | -0.35% |
5/1 ARM Jumbo | 2.75% | 3.21% | -0.25% |
3/1 ARM Jumbo | 2.14% | 2.74% | 0% |
A 30-Year Fixed Jumbo loan of $600,000 at 3.2% APR with a $150,000 down payment will have a monthly payment of $2,595. A 20-Year Fixed Jumbo loan of $600,000 at 3.28% APR with a $150,000 down payment will have a monthly payment of $3,411. A 15-Year Fixed Jumbo loan of $600,000 at 2.81% APR with a $150,000 down payment will have a monthly payment of $4,089. A 10-Year Fixed Jumbo loan of $600,000 at 2.5% APR with a $150,000 down payment will have a monthly payment of $5,656. A 7/1 ARM Jumbo loan of $600,000 at 2.68% APR with a $150,000 down payment will have a monthly payment of $2,428. A 5/1 ARM Jumbo loan of $600,000 at 2.75% APR with a $150,000 down payment will have a monthly payment of $2,449. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Source: zillow.com