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For the third day in a line, 30-year mortgage interest rates fell points on Friday. The new average is 6.76%. The rate movement for other types of mortgages was mixed.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| Fixed Rate 30-Year Agreement | 6.76% |
| FHA 30-Year fixed | 7.35% |
| Fixed-Term 15-Year Agreement | 5.90% |
| Jumbo 30-Year Fixed | 6.77% |
| 5/6 ARM | 7.27% |
| Zillow Mortgage API is available. | |
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 Rates – March 24, 2020
Today's New Purchase Mortgage Rate Averages
After dropping 5 points on Thursday, the 30-year mortgage rates fell 1 basis point to 6.76% on Friday. The national average rate is now 6.76%. That’s about a quarter percentage point higher than the 2025 low, which was 6.50%.
In January, the 30-year-average jumped to its highest level since last October, 7.13%. So today's rates are still significantly improved vs. two months ago. They're also 1.25 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, however, the average rate rose by almost 1.25 percentages.
Rates on 15-year mortgages ticked up 3 basis points Friday, reaching a 5.90% average—still 30 points higher than their recent four-month low. As with 30-year rates in September, the 15 year average fell to its lowest level in over two years. It was as low as 4.97 percent. Though today's 15-year average is elevated, it's 1.18 percentage points below October 2023's historic 7.08% reading—a high since 2000.
Jumbo 30-year mortgage rates fell 3 basis points on Friday, bringing the average down to 6.77%. 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.
| National Averages of Lenders' Best Rates – New Purchase | ||
|---|---|---|
| Loan Type | New Purchase Rates | Daily Change |
| 30-Year Fixed | 6.76% | -0.01 |
| FHA 30-Year fixed | 7.35% | No Change |
| VA 30-Year Fixed | 6.34% | +0.03 |
| Fixed 20-Year Rate | 6.49% | -0.02 |
| Fixed-Term 15-Year Agreement | 5.90% | +0.03 |
| FHA 15-Year Fix | 6.80% | No Change |
| Fixed Rate 10-Year Agreement | 5.78% | +0.05 |
| 7/6 ARM | 7.34% | +0.02 |
| 5/6 ARM | 7.27% | +0.03 |
| Jumbo 30-Year Fixed | 6.77% | -0.03 |
| Jumbo 15-Year Fixed | 6.67% | -0.03 |
| Jumbo 7/6 ARM | 6.94% | No Change |
| Jumbo 5/6 ARM | 6.93% | No Change |
| Zillow Mortgage API is available. | ||
The Weekly Freddie Mac Average
Every Thursday, Freddie Mac publishes a 30-year average mortgage rate. Last week's reading edged up just 2 basis points to 6.67%. 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.
Calculate monthly payments using our Mortgage Calculator.
It is important to note that
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 you receive will depend on your credit score, income and other factors. It may differ from the averages shown here.
What causes mortgage rates rise or fall?
Mortgage rates are influenced by a complex combination of macroeconomic and industrial factors, including:
- The level and direction in the bond market, particularly the 10-year Treasury yields
- The Federal Reserve’s current monetary policies, particularly as they relate to bond purchases and funding 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 factors kept mortgage rates low for most of 2021. The Federal Reserve bought billions of dollars’ worth of bonds to respond to the economic pressures caused by the pandemic. This bond-buying program is a major influence 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. 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, beginning in July of 2023. In September, the Fed announced a rate cut of 0.50 percent, followed by quarter-point cuts in November and Decembre.
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’s quarterly rate forecast was released at its March 19 meeting. It showed that central bankers had a median expectation of two quarter-point cuts for the rest the year. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled per year.
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 resulting rates 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 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. We also use original research from other reputable publications when appropriate. Our website contains more information about the standards that we use to produce accurate, unbiased content. Editorial Policy
Freddie Mac. “Mortgage Rates."
Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.
Federal Reserve Board. “Summary Economic Projections for March 19, 2025,” page 4.
