As of Jan. 11, the rate borrowers were quoted on Zillow for a 30-year fixed mortgage was 5.93%.
As of Jan. 11, the rate borrowers were quoted on Zillow for a 30-year fixed mortgage was 5.93%.
Mortgage Rates Fall Further, Yield Curve Inversion Deepens
“Mortgage rates fell to near their lowest level since September as recession risk began to weigh more heavily on investors’ minds. A slew of incoming economic data point to falling inflation and a rapidly slowing U.S. economy, which investors suspect will cause the Federal Reserve to pause, or even reverse, their program of interest rate hikes,” said Orphe Divounguy, senior macroeconomist, Zillow Home Loans. “The spread between yields on the 10-year and three-month Treasury has been negative for more than two months – something that has historically indicated that a U.S. recession is highly likely. A key reading of economic activity in the services sector showed contraction in December after 30 consecutive months of growth — and that report comes on the heels of last week’s reported contraction in the manufacturing sector. Wage growth is falling and market rents are also on the decline. Combined, these signals of waning inflationary pressures and potential economic slowdowns have helped bring mortgage rates down. But the outlook for rates remains cloudy, particularly with the December CPI report – a key read of U.S. inflation – looming. Higher-than-expected inflation figures would undoubtedly send mortgage rates back upward.”
Additionally, the current national average 15-year fixed mortgage rate stands at 5.11%, while the current national average 5-year ARM rate is 5.69%.
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 | 6.06% | 6.16% | -0.01% |
20-Year Fixed | 5.66% | 5.79% | 0.01% |
15-Year Fixed | 5.08% | 5.25% | 0.1% |
10-Year Fixed | 5.13% | 5.45% | -0.36% |
7/1 ARM | 5.96% | 6.64% | -0.01% |
5/1 ARM | 5.67% | 6.63% | -0.02% |
3/1 ARM | 0% | 0% | 0% |
A 30-Year Fixed loan of $300,000 at 6.06% APR with a $75,000 down payment will have a monthly payment of $1,810. A 20-Year Fixed loan of $300,000 at 5.66% APR with a $75,000 down payment will have a monthly payment of $2,090. A 15-Year Fixed loan of $300,000 at 5.08% APR with a $75,000 down payment will have a monthly payment of $2,385. A 10-Year Fixed loan of $300,000 at 5.13% APR with a $75,000 down payment will have a monthly payment of $3,200. A 7/1 ARM loan of $300,000 at 5.96% APR with a $75,000 down payment will have a monthly payment of $1,790. A 5/1 ARM loan of $300,000 at 5.67% APR with a $75,000 down payment will have a monthly payment of $1,734. 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 | 5.39% | 6.17% | -0.01% |
30-Year Fixed VA | 5.52% | 5.92% | -0.04% |
15-Year Fixed FHA | 5.03% | 5.83% | 0.19% |
15-Year Fixed VA | 5.65% | 6.3% | -0.03% |
5/1 ARM FHA | 4.25% | 6.36% | 0% |
5/1 ARM VA | 5.43% | 6.54% | -0.02% |
A 30-Year Fixed FHA loan of $300,000 at 5.39% APR with a $75,000 down payment will have a monthly payment of $1,683. 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 $1,706. A 15-Year Fixed FHA loan of $300,000 at 5.03% APR with a $75,000 down payment will have a monthly payment of $2,376. A 15-Year Fixed VA loan of $300,000 at 5.65% APR with a $75,000 down payment will have a monthly payment of $2,475. 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 5.43% APR with a $75,000 down payment will have a monthly payment of $1,690. 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 | 6.1% | 6.17% | -0% |
20-Year Fixed Jumbo | 6.15% | 6.26% | -0.1% |
15-Year Fixed Jumbo | 5.51% | 5.65% | 0.06% |
10-Year Fixed Jumbo | 5.92% | 6.12% | 0% |
7/1 ARM Jumbo | 5.65% | 6.51% | 0% |
5/1 ARM Jumbo | 5.61% | 6.68% | -0.01% |
3/1 ARM Jumbo | 6% | 6.7% | -0.01% |
A 30-Year Fixed Jumbo loan of $726,201 at 6.1% APR with a $181,550 down payment will have a monthly payment of $4,400. A 20-Year Fixed Jumbo loan of $726,201 at 6.15% APR with a $181,550 down payment will have a monthly payment of $5,264. A 15-Year Fixed Jumbo loan of $726,201 at 5.51% APR with a $181,550 down payment will have a monthly payment of $5,935. 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 5.65% APR with a $181,550 down payment will have a monthly payment of $4,192. A 5/1 ARM Jumbo loan of $726,201 at 5.61% APR with a $181,550 down payment will have a monthly payment of $4,175. 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