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- Takeaways
- Tip
- Mortgage rates drop after a major surge
- 30-Year Mortgage Rates Remain in Cheaper Territory
- What’s Your State’s 30-Year Rate?
- Rates on 15-Year mortgages drop for the third week.
- Jumbo 30-Year Declination Further
- What is a Jumbo Loan?
- Here's How Much Monthly Payments Are Today
- How We Track Mortgage Interest Rates
Takeaways
- Mortgage rates remained lower last week after easing for two weeks. This is good news, after President Trump’s tariff war triggered a surge in mortgage rates in mid-April.
- Rates for new 30-year-fixed-rate loans dropped 19 points within three weeks and now average at 6.95%.
- The 15-year rate has fallen further since April 11. It has dropped by a staggering 34 basis points, falling below 6% this Friday.
- Jumbo 30-year rates have also seen a decline of 25 points in three weeks, dropping to a reading of 6.90% on Friday.
- On a new loan of $350,000 with a 30-year term, today’s rates equate to a monthly payment of $2,317—$45 cheaper than the mid-April peak.
- You can also find out more about other loan types, amounts and types in our table below.
Tip
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Mortgage rates drop after a major surge
Mortgage rates were not spared the chaos in the market caused by President Trump’s evolving tariff policy. The initial stock market crash prompted a fall in 10-year Treasury rates, which in turn pushed down mortgage rates. However, this trend reversed in just two days. Bond yields then soared, confounding many experts—and unsurprisingly shooting mortgage rates higher.
But 30-year mortgage rates changed direction again three Fridays ago—and this last week held onto most of that decline. Below you can see the average change in three weeks for each new purchase loan, followed by a closer look at 30-year, 15 year, and jumbo 30 year fixed-rate loans.
| Mortgage Type | Apr 11 averages | May 2 averages | Changes for 1 week |
|---|---|---|---|
| 30-Year Fixed | 7.14% | 6.95% | – 0.19 |
| FHA 30-Year Fixed | 7.04% | 7.33% | No change |
| VA 30-Year Fixed | 6.81% | 6.56% | – 0.25 |
| Fixed 20-Year Rate | 7.09% | 6.70% | – 0.39 |
| Fixed 15-Year Rate | 6.31% | 5.97% | – 0.34 |
| FHA 15 Year Fixed | 6.32% | 6.63% | No change |
| Fixed 10-Year Rate | 6.69% | 5.99% | – 0.70 |
| 7/6 ARM | 7.34% | 7.34% | No change |
| 5/6 ARM | 7.22% | 7.20% | – 0.02 |
| Jumbo 30-Year Fixed | 7.15% | 6.90% | – 0.25 |
| Jumbo 15-Year Fixed | 7.07% | 6.80% | – 0.27 |
| Jumbo 7/6 ARM | 7.59% | 7.60% | + 0.01 |
| Jumbo 5/6 ARM | 7.77% | 7.49% | – 0.28 |
30-Year Mortgage Rates Remain in Cheaper Territory
The rates on 30-year new purchases loans have fallen 19 basis points in the last three weeks. That lowers the flagship average to 6.95%—a notable improvement vs. the 7.14% average registered on April 11. Prior to this reading, 30-year rates soared by a staggering 44 basis points. This was their largest Friday-to-Friday increase since June 2022, and their most expensive rate in almost 11 months.
In September, the 30-year average fell to a two year low of 5.89%. (The cheapest Friday average was 6.03%). The lowest weekly reading this year is 6.55%.
What’s Your State’s 30-Year Rate?
Every day we publish national average rates for various loan types as well as the 30-year rate averages of each state. New York and Texas are currently the states with the lowest 30-year rate.
Rates on 15-Year mortgages drop for the third week.
Rates for 15-year new home purchase loans In the past three week, have fallen even more dramatically. The current reading is still a full percentage-point above the two year low of 4.97%, which was registered in September.
Jumbo 30-Year Declination Further
The average rate for jumbo 30-year purchase loans dropped 25 basis points over three weeks to 6.90% on Friday. That's compared to a 2025 high of 7.15%. The September rate on new 30-year jumbo loan rates dropped as low as 6.24 percent, with the lowest week-average at 6.39%.
What is a Jumbo Loan?
A jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—$806,500 for single-family homes in most parts of the U.S. in 2025, but up to $1,209,750 in certain more expensive areas.
Here's How Much Monthly Payments Are Today
To see how much this week’s rate increases would impact monthly payments for new borrowers, our tables below lay out the principal-plus-interest payment for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.
| Mortgage Payments for a 30-Year Loan | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Apr. 11 | 7.14% | $1,687 | $2,362 | $3,036 | $3,711 | $4,386 |
| Fri, May. 2 | 6.95% | $1,655 | $2,317 | $2,979 | $3,641 | $4,303 |
| 3-week decline | – 0.19 | – $32 | – $45 | – $57 | – $70 | – $83 |
| Monthly Mortgage Payments on a 15-Year Home Loan | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Apr. 11 | 6.31% | $2,152 | $3,012 | $3,873 | $4,734 | $5,595 |
| Fri, May. 2 | 5.97% | $2,106 | $2,948 | $3,790 | $4,632 | $5,475 |
| 3-week decline | – 0.34 | – $46 | – $64 | – $83 | – $102 | – $120 |
By definition, jumbo 30 year mortgages are larger loans. So below we've run our calculations on loan amounts of $800,000 to $1.2 million.
| Jumbo 30-Year loan monthly mortgage payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
| Fri, Apr. 11 | 7.15% | $5,403 | $6,079 | $6,754 | $7,429 | $8,105 |
| Fri, May. 2 | 6.90% | $5,269 | $5,927 | $6,586 | $7,245 | $7,903 |
| 3-week decline | – 0.25 | – $134 | – $152 | – $168 | – $184 | – $202 |
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.
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Federal Housing Finance Agency "FHFA Announces Conforming Loan Limit Values for 2025."
