Rates on 30-year new purchase loans held firm Wednesday after dropping the previous day to 7.01%—their lowest average in seven months. The 15-year average is also near its cheapest price since May. Many other loan averages were flat or nearly flat Wednesday, though several adjustable-rate averages dropped.
Because rates vary widely across lenders, it’s always smart to shop around for your best mortgage option and compare rates regularly, no matter the type of home loan you’re seeking.
| National Averages of Lenders’ Best Rates | ||
|---|---|---|
| Loan Type | New Purchase | Refinance |
| 30-Year Fixed | 7.01% | 7.62% |
| FHA 30-Year Fixed | 6.85% | 6.93% |
| Jumbo 30-Year Fixed | 6.44% | 6.44% |
| 15-Year Fixed | 6.23% | 6.50% |
| 5/6 ARM | 7.56% | 7.68% |
National averages of the lowest rates offered by more than 200 of the country’s top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700–760, and no mortgage points.
Today’s Mortgage Rate Averages: New Purchase
After plummeting almost four-tenths of a percentage point last week, 30-year mortgage rates are holding even a bit lower this week. After inching down to 7.01% Tuesday—its lowest mark since May 17—the flagship average held steady Wednesday. Just two months ago, 30-year mortgage rates had climbed to a 23-year peak of 8.45%.
Compare the Best Mortgage Rates Today (December 2023)
NOTE
Freddie Mac’s Oct. 26 release of weekly mortgage data was historic, indicating that 30-year mortgage rates had climbed to a 7.79% average—the highest level in 23 years. But in the eight weeks since, the Freddie Mac 30-year average has steadily fallen. Today’s newly published average plunged 28 basis points, lowering the average to 6.67%, the lowest mark since June.1
Freddie Mac’s averages differ from those we publish here due to Freddie Mac calculating a weekly average that blends five previous days of rates, which may include loans priced with discount points. In contrast, Investopedia’s averages indicate daily rate movement and only include zero-point loans.
Rates on 15-year new purchase loans also fell dramatically last week—and with a minimal gain of 1 basis point Wednesday, the 15-year average is now 6.23%, just above its lowest level since May 15. In contrast, October saw 15-year rates surge to a 7.59% peak, the highest average since 2000.
Jumbo 30-year rates held steady for a third day Wednesday after moving lower for the two previous days. The jumbo 30-year average is down to 6.44%. its cheapest reading since July. Though daily historical jumbo rates are not available before 2009, it’s estimated that the 7.52% peak in October was the most expensive average for jumbo 30-year loans in more than 20 years.
Wednesday’s biggest new purchase rate movers were the VA 30-year average, which sank 33 basis points, and the 7/6 ad 10/6 ARM averages, which lost 17 and 15 basis points, respectively.