30-Year mortgage rates jump to highest level since Feb. – Mar. 19, 2025

After a one basis point drop the day before, 30-year mortgage rate ticked back to a four week high of 6,84% on February 2. Rates for other types of mortgages also increased.

It’s important to compare rates and shop around for the best mortgage rates, regardless of what type you want.

Compare Current Mortgage Interest Rates – Today, March 19, 2025

Today's New Purchase Mortgage Rate Averages

The rates on 30-year purchase mortgages increased by one basis point, after dropping by one point the day before. The national average now stands at 6.84%. This is about a third point higher than the 2025 low rate of 6.50%.

In January, the average 30-year rate jumped up to 7.13%. This was its highest level in October. So today's rates are still significantly improved vs. two months ago. They're also nearly 1.2 percentage points cheaper than the historic 23-year peak of 8.01% reached in October 2023.

But last September, 30-year rates plunged—sinking as far as a two-year low of 5.89%. In the three months that followed, the average rate rose by almost 1.25 percentages.

Rates on 15-year mortgages tacked on 1 basis point Tuesday, reaching a 6.01% average—41 points higher than their recent four-month low. In September, 15-year mortgage rates fell to their lowest level in two years, averaging 4.97%. Though today's 15-year average is elevated, it's 1.08 percentage points below October 2023's historic 7.08% reading—a high since 2000.

Tuesday, the average rate for jumbo 30-year mortgages increased by 2 basis points to 6.91%. Last fall, the jumbo 30-year rate plummeted from 6.24% to 6.24%. This was their lowest level in 19 month. Meanwhile, it's estimated that the 8.14% peak of October 2023 was the most expensive jumbo 30-year average in 20-plus years.

The Weekly Freddie Mac Average

Freddie Mac, a government sponsored buyer of mortgages, publishes a 30-year average mortgage rate every Thursday. Last week's reading was close to flat, edging up just 2 basis points to 6.65%. In September of last year, the average dropped as low as 6.08 percent. But back in October 2023, Freddie Mac's average saw a historic rise, surging to a 23-year peak of 7.79%.

Freddie Mac's average differs from what we report for 30-year rates because Freddie Mac calculates a weekly average that blends five previous days of rates. Investopedia 30 year average is a reading taken daily, which provides a more precise, timely indication of rates. In addition, the criteria for included loans (e.g., amount of down payment, credit score, inclusion of discount points) varies between Freddie Mac's methodology and our own.

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The rates we publish won’t compare directly with teaser rates you see advertised online since those rates are cherry-picked as the most attractive vs. the averages you see here. Teaser rates may involve paying points in advance or may be based on a hypothetical borrower with an ultra-high credit score or for a smaller-than-typical loan. The rate that you will receive is based on a variety of factors, including your credit score and income.

What causes mortgage rates to rise or fall?

Mortgage rates are determined through a complex interplay of macroeconomic factors and industry factors such as:

• The direction and level of the bond markets, particularly 10-year Treasury yields
• The Federal Reserve’s current monetary policies, particularly as they relate to bond buying and funding of government-backed loans
• Mortgage lenders are competing with each other to offer different types of loans.

Because any number of these can cause fluctuations simultaneously, it's generally difficult to attribute the change to any one factor.

Macroeconomic forces kept the mortgage market at a relatively low level for most of 2021. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. This bond-buying strategy is a major influencer on mortgage rates.

Starting in November 2021 the Fed will begin to reduce its bond purchases, making significant monthly reductions until reaching net zero by March 2022.

The Fed raised the federal fund rate aggressively between then and July 2023 to combat inflation that has been high for decades. The fed funds rate does not directly affect mortgage rates. In fact, mortgage rates and the fed funds interest rate can move in opposite ways.

But given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.

The Fed kept the federal funds rate at a peak level for nearly 14 months, starting in July 2023. In September, however, the central bank announced its first rate cut, which was 0.50 percentage points. This was followed by a quarter-point reduction in November and December.

For its first meeting of the new year, however, the Fed opted to hold rates steady—and it’s possible the central bank may not make another rate cut for months. The Fed released their quarterly rate forecast at their meeting on December 18, which showed that the central bankers’ median expectations for the coming year were only two quarter-point cuts. Eight rate-setting meetings are scheduled each year, so we could see several rate-hold announcements by 2025.

How We Track Mortgage Interest 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 rates are what borrowers can expect to receive from lenders when they get quotes based on their qualifications. These rates may differ from teaser rates advertised. © Zillow, Inc., 2025. The Zillow Terms and Conditions of Use apply.

Article Sources Investopedia requires that writers use primary sources in order to support their work. White papers, government statistics, original reporting and interviews with industry professionals are all examples. Where appropriate, we also reference original research by other reputable publishers. Learn more about our standards for producing accurate and unbiased content by visiting our Editorial policy

1. Freddie Mac. “Mortgage Rates."

2. Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.

3. Federal Reserve Board. “Summary Economic Projections for December 18, 2024,” page 4.