As of Jan. 4, the rate borrowers were quoted on Zillow for a 30-year fixed mortgage was 6.17%.
As of Jan. 4, the rate borrowers were quoted on Zillow for a 30-year fixed mortgage was 6.17%.
Mortgage Rates Fall As Manufacturing Sector Contracts
“More signs of a slowing economy and softening inflationary pressures pushed mortgage rates down this week,” said Zillow Senior Economist Orphe Divounguy. “Long term interest rates are a reflection of both current and future economic growth and inflation, so data from France released this week – which showed slowing inflation on the other side of the pond – was welcome news for markets and could be a clue that slowing inflation in the U.S. 2023 is more likely. Also moving markets this week was the ISM manufacturing index, which measures the strength of the manufacturing sector and is a key indicator of the state of the U.S. economy. The latest report shows the index fell again last month to its weakest reading since May 2020. With supply chains on the mend, weakening demand is putting downward pressure on goods prices. However, despite these signals, the overall inflation situation remains cloudy and the market will be keenly anticipating next week’s December CPI report – a report that will almost certainly influence mortgage rates, either up or down.”
Additionally, the current national average 15-year fixed mortgage rate stands at 5.36%, while the current national average 5-year ARM rate is 5.79%.
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.
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 | 6.19% | 6.29% | 0.24% |
20-Year Fixed | 5.79% | 5.94% | 0.28% |
15-Year Fixed | 5.41% | 5.59% | 0.14% |
10-Year Fixed | 4.97% | 5.15% | 0.48% |
7/1 ARM | 6.02% | 6.61% | 0% |
5/1 ARM | 5.76% | 6.59% | -0.02% |
3/1 ARM | 0% | 0% | 0% |
A 30-Year Fixed loan of $300,000 at 6.19% APR with a $75,000 down payment will have a monthly payment of $1,834. A 20-Year Fixed loan of $300,000 at 5.79% APR with a $75,000 down payment will have a monthly payment of $2,113. A 15-Year Fixed loan of $300,000 at 5.41% APR with a $75,000 down payment will have a monthly payment of $2,437. A 10-Year Fixed loan of $300,000 at 4.97% APR with a $75,000 down payment will have a monthly payment of $3,178. A 7/1 ARM loan of $300,000 at 6.02% APR with a $75,000 down payment will have a monthly payment of $1,802. A 5/1 ARM loan of $300,000 at 5.76% APR with a $75,000 down payment will have a monthly payment of $1,752. 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 | 5.27% | 6.07% | 0.43% |
30-Year Fixed VA | 5.52% | 5.92% | 0.35% |
15-Year Fixed FHA | 5.18% | 6.07% | -0.07% |
15-Year Fixed VA | 5.73% | 6.38% | 0.07% |
5/1 ARM FHA | 4.25% | 6.36% | 0% |
5/1 ARM VA | 5.48% | 6.58% | -0.24% |
A 30-Year Fixed FHA loan of $300,000 at 5.27% APR with a $75,000 down payment will have a monthly payment of $1,660. A 30-Year Fixed VA loan of $300,000 at 5.52% APR with a $75,000 down payment will have a monthly payment of $1,707. A 15-Year Fixed FHA loan of $300,000 at 5.18% APR with a $75,000 down payment will have a monthly payment of $2,400. A 15-Year Fixed VA loan of $300,000 at 5.73% APR with a $75,000 down payment will have a monthly payment of $2,488. A 5/1 ARM FHA loan of $300,000 at 4.25% APR with a $75,000 down payment will have a monthly payment of $1,475. A 5/1 ARM VA loan of $300,000 at 5.48% APR with a $75,000 down payment will have a monthly payment of $1,699. 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 | 6.05% | 6.13% | 0.31% |
20-Year Fixed Jumbo | 5.94% | 6.04% | 0.12% |
15-Year Fixed Jumbo | 5.73% | 5.88% | 0.04% |
10-Year Fixed Jumbo | 5.92% | 6.12% | 0% |
7/1 ARM Jumbo | 5.83% | 6.54% | -0.04% |
5/1 ARM Jumbo | 5.78% | 6.66% | -0.05% |
3/1 ARM Jumbo | 6% | 6.7% | -0.01% |
A 30-Year Fixed Jumbo loan of $726,201 at 6.05% APR with a $181,550 down payment will have a monthly payment of $4,378. A 20-Year Fixed Jumbo loan of $726,201 at 5.94% APR with a $181,550 down payment will have a monthly payment of $5,178. A 15-Year Fixed Jumbo loan of $726,201 at 5.73% APR with a $181,550 down payment will have a monthly payment of $6,024. A 10-Year Fixed Jumbo loan of $726,201 at 5.92% APR with a $181,550 down payment will have a monthly payment of $8,031. A 7/1 ARM Jumbo loan of $726,201 at 5.83% APR with a $181,550 down payment will have a monthly payment of $4,276. A 5/1 ARM Jumbo loan of $726,201 at 5.78% APR with a $181,550 down payment will have a monthly payment of $4,251. A 3/1 ARM Jumbo loan of $726,201 at 6% APR with a $181,550 down payment will have a monthly payment of $4,353. 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