As of September 15, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.67%.
As of September 15, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.67%.
Mortgage rates remain flat, but upward movements may be on the horizon.
“Mortgage rates moved slightly lower this week, barely budging as markets await a signal for a more pronounced move in either direction,” said Zillow Senior Economist Matthew Speakman. “Rates have stayed basically flat over the past few weeks, and where they head from here is dependent on two key factors: COVID-19 cases and potential actions taken by the Federal Reserve. While COVID cases remain elevated, they are showing some early signs of plateauing – news that is undoubtedly good for the world, but could place more upward pressure on mortgage rates. The Fed, meanwhile, continues to wrestle with whether, how, and when to tighten monetary policy at a time when inflation and joblessness remain elevated. A softer-than-expected August inflation reading this week likely lowered the odds that the Fed announces any immediate moves to tighten policy at their upcoming September conference, but the fact that interest rates haven’t moved much in recent weeks indicates that investors are still waiting for more certainty. All told, there’s a good chance that mortgage rates will move notably in the coming weeks, but the jury’s still out on which direction they’ll head.”
Additionally, the 15-year fixed mortgage rate was 1.99%, and for 5/1 ARMs, the rate was 2.34%.
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 | 2.84% | 2.9% | -0.07% |
20-Year Fixed | 2.54% | 2.62% | 0% |
15-Year Fixed | 2.06% | 2.16% | -0.02% |
10-Year Fixed | 2.06% | 2.19% | -0.06% |
7/1 ARM | 2.4% | 3.06% | 0.04% |
5/1 ARM | 2.35% | 3.18% | 0.01% |
3/1 ARM | 0% | 0% | 0% |
A 30-Year Fixed loan of $300,000 at 2.84% APR with a $75,000 down payment will have a monthly payment of $1,239. A 20-Year Fixed loan of $300,000 at 2.54% APR with a $75,000 down payment will have a monthly payment of $1,595. A 15-Year Fixed loan of $300,000 at 2.06% APR with a $75,000 down payment will have a monthly payment of $1,939. A 10-Year Fixed loan of $300,000 at 2.06% APR with a $75,000 down payment will have a monthly payment of $2,768. A 7/1 ARM loan of $300,000 at 2.4% APR with a $75,000 down payment will have a monthly payment of $1,169. A 5/1 ARM loan of $300,000 at 2.35% APR with a $75,000 down payment will have a monthly payment of $1,162. 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 | 2.25% | 2.9% | 0.05% |
30-Year Fixed VA | 2.48% | 2.74% | -0.02% |
15-Year Fixed FHA | 1.75% | 2.41% | 0.22% |
15-Year Fixed VA | 1.89% | 2.35% | 0.45% |
5/1 ARM FHA | 3.11% | 3.27% | 0.08% |
5/1 ARM VA | 2.44% | 2.41% | 0.07% |
A 30-Year Fixed FHA loan of $300,000 at 2.25% APR with a $75,000 down payment will have a monthly payment of $1,146. A 30-Year Fixed VA loan of $300,000 at 2.48% APR with a $75,000 down payment will have a monthly payment of $1,181. A 15-Year Fixed FHA loan of $300,000 at 1.75% APR with a $75,000 down payment will have a monthly payment of $1,896. A 15-Year Fixed VA loan of $300,000 at 1.89% APR with a $75,000 down payment will have a monthly payment of $1,915. A 5/1 ARM FHA loan of $300,000 at 3.11% APR with a $75,000 down payment will have a monthly payment of $1,282. A 5/1 ARM VA loan of $300,000 at 2.44% APR with a $75,000 down payment will have a monthly payment of $1,176. 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 | 2.87% | 2.91% | 0.03% |
20-Year Fixed Jumbo | 3.14% | 3.19% | -0.05% |
15-Year Fixed Jumbo | 2.6% | 2.68% | 0.03% |
10-Year Fixed Jumbo | 2.78% | 2.93% | 0% |
7/1 ARM Jumbo | 2.43% | 3.06% | -0.02% |
5/1 ARM Jumbo | 2.24% | 3.12% | 0.05% |
3/1 ARM Jumbo | 0% | 0% | 0% |
A 30-Year Fixed Jumbo loan of $600,000 at 2.87% APR with a $150,000 down payment will have a monthly payment of $2,486. A 20-Year Fixed Jumbo loan of $600,000 at 3.14% APR with a $150,000 down payment will have a monthly payment of $3,370. A 15-Year Fixed Jumbo loan of $600,000 at 2.6% APR with a $150,000 down payment will have a monthly payment of $4,027. A 10-Year Fixed Jumbo loan of $600,000 at 2.78% APR with a $150,000 down payment will have a monthly payment of $5,733. A 7/1 ARM Jumbo loan of $600,000 at 2.43% APR with a $150,000 down payment will have a monthly payment of $2,347. A 5/1 ARM Jumbo loan of $600,000 at 2.24% APR with a $150,000 down payment will have a monthly payment of $2,291. A 3/1 ARM Jumbo 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.
Source: zillow.com