Mortgage Rates are bouncing in a range above the recent 4-month low – March. 13, 2025

After hitting a 2025-low early last weekend, 30-year mortgage rate have been creeping higher in a mildly yoyo pattern. The benchmark average increased to 6.66% on Wednesday, and rates also rose for other mortgage types.

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 13, 2025

Today's New Purchase Mortgage Rate Averages

The average rate for 30-year mortgages that are new purchases rose by 3 basis points to 6.66% on Wednesday. That's now more than an eighth of a percentage point above last week's 6.50% reading, which was its most affordable level in four and half months.

Back in 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 before retreating recently.

Rewinding further, the 30-year average jumped to a high 7.37% last April, so today's rates are significantly improved vs. last spring. They're also 1.35 percentage points cheaper than the historic 23-year peak of 8.01% reached in October 2023.

Rates on 15-year mortgages added 5 basis points Wednesday to a new average of 5.78%—which is 18 points pricier than their recent four-month low. As with 30-year mortgage rates, the 15 year average fell to its lowest level in over two years in September, dipping as low as 4.97 percent. Though today's 15-year average is elevated, it's 1.3 percentage points below October 2023's historic 7.08% reading—a high since 2000.

Jumbo 30-year mortgages rose 4 basis points on Wednesday, bringing the average up to 6.73%. Last fall jumbo 30 year rates plunged to 6.24%. It was their lowest level for 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 weekly mortgage rate average. Today's reading was close to flat, edging up just 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.

Calculate monthly payment for different loan scenarios using our Mortgage Calculator.

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, your 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 direction and level of the bond markets, particularly 10-year Treasury yields
• The Federal Reserve’s current policy on monetary policy. This includes bond purchases and government-backed mortgages.
• Competition between mortgage lenders across loan types

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 program is a major factor in mortgage rates.

The Fed will begin to taper its bond purchases in November 2021. Each month, it will make significant reductions until the net is zero in March 2022.

The Fed raised the federal fund rate aggressively between then and July 2023 to combat inflation that has been high for decades. While the fed fund rate can affect mortgage rates, it does not do so directly. 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 maintained its federal funds rate near its highest level for almost 14-months, beginning in July of 2023. But in September the central bank announced its first rate cut, which was 0.50 percentage points. This was followed by quarter-point reductions of the rate 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. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled per year.

How We Track Mortgage 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. Zillow’s Terms of Service 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. Where appropriate, we also reference original research by other reputable publishers. Our website contains more information about the standards that we use to produce accurate, unbiased content. 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.