The 30-Year mortgage rates have just risen to a new 6-Week High. 28, 2025

Rates for new 30-year loans have been wavering in an elevated range the last three weeks—and just nudged a bit higher, averaging 6.85%. The rate movement was mixed for other mortgage types.

No matter what type of home loan or mortgage you are looking for, it is wise to shop around and compare rates regularly to find the best rate.

Compare Current Mortgage Interest Rates Today – March 28, 2025

Today's New Purchase Mortgage Rate Averages

The average rate on 30-year purchase mortgages increased by 2 basis point Thursday, to 6.85%. That's the highest reading since Feb. 13, and it's more than a third of a percentage point above this year's low 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 improved vs. two months ago. They're also 1.16 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%. The relief, however was only temporary, as the average jumped almost 1.25 points in the next three months.

Thursday, the average rate on 15-year loans dropped 1 basis point to 5.95%. That's 35 points higher than their recent four-month low of 5.60%. In September, the 15-year rate average fell to its lowest level in two years, dipping as low as 4.97%. Though today's 15-year average is elevated, it's more than 1.1 percentage points below October 2023's historic 7.08% reading—a high since 2000.

The average rate for jumbo 30-year mortgages increased by 4 basis points on Thursday to 6.81%. Last fall, the jumbo 30-year rate plummeted from 6.24% to 6.24%. This was their lowest level in 19 months. 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

Every Thursday, Freddie Mac (a government-sponsored buyer for mortgage loans) publishes a 30-year average mortgage rate. Yesterday's reading inched down 2 basis points to 6.65%. In September last year, the average fell as low as 6.08%. 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’s 30-year average, on the other hand, is a daily reading that provides a more accurate and timely indication of rate movements. 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 factors such as 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 markets relatively low throughout 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 factor in determining 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.

Fed aggressively increased the federal funds rate between July 2023 and then to combat the inflationary levels that have been in place for decades. While the fed fund rate can affect mortgage rates, it does not do so directly. The fed funds rate can actually move in the opposite direction to mortgage rates.

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 maintained its federal funds rate near its highest level for almost 14-months, starting in July of 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 cut in November and December.

For its second meeting of 2025, 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 March 19, which showed that the central bankers’ median expectations for the remainder of the year were only two quarter-point rates 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 that result are what borrowers will receive when they receive quotes from lenders, based on the qualifications of the borrower. These rates can differ from advertised teaser rate. © Zillow, Inc., 2025. The Zillow Terms and Conditions of Use apply.

Article Sources Investopedia asks writers to use primary resources to support their writing. White papers, government statistics, original reporting and interviews with industry professionals are all examples. We also use original research from other reputable publications when appropriate. 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 March 19, 2025,” page 4.