Unlock Big Savings: Last Week’s Plunge in Mortgage Rates Explained!
:max_bytes(150000):strip_icc()/12.4-LightFieldStudios-4b545c8ccfd6459cb46bd692f5fdaeac.jpg?w=1500&resize=1500,1001&ssl=1 "Unlock Big Savings: Last Week’s Plunge in Mortgage Rates Explained!")
🔥 Key Takeaways You Can’t Miss!
- 🎉 New mortgage rates have dropped dramatically, with reductions of up to 39 basis points this past week, making your dream home more affordable!
- The 30-year fixed-rate average fell by 23 basis points to an inviting 6.68%.
- 15-year loans are getting even better, with an average rate sliding down a quarter percentage point to 5.84%.
- Jumbo 30-year rates decreased by 18 basis points, now resting at 6.72%.
- If you’re looking at loans between $200,000 and $600,000, get ready to save $31 to $92 per month—yes, per month!
- For jumbo loans, expect to save anywhere from $96 to $144 monthly! 💰
Read on for more insights and offers that could change your financial game!
📉 Mortgage Rates Plummeted for Almost Every Loan Type Last Week!
After weeks of fluctuation, mortgage rates have taken a significant dive! The average rates have dropped as much as 39 basis points from Friday to Friday. Let’s break down the latest changes for new purchase loans from November 22 to November 29.
Plus, we’ll take a deeper look into the most popular mortgage types: 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Nov. 22 National Average | Nov. 29 National Average | Friday-to-Friday Change |
|---|---|---|---|
| 30-Year Fixed | 6.91% | 6.68% | – 0.23 |
| FHA 30-Year Fixed | 6.72% | 6.72% | No Change |
| VA 30-Year Fixed | 6.34% | 6.09% | – 0.25 |
| 20-Year Fixed | 6.82% | 6.54% | – 0.28 |
| 15-Year Fixed | 6.09% | 5.84% | – 0.25 |
| FHA 15-Year Fixed | 6.40% | 6.40% | No Change |
| 10-Year Fixed | 6.15% | 5.92% | – 0.23 |
| 7/6 ARM | 7.56% | 7.24% | – 0.32 |
| 5/6 ARM | 7.64% | 7.28% | – 0.36 |
| Jumbo 30-Year Fixed | 6.90% | 6.72% | – 0.18 |
| Jumbo 15-Year Fixed | 6.99% | 6.60% | – 0.39 |
| Jumbo 7/6 ARM | 7.20% | 7.02% | – 0.18 |
| Jumbo 5/6 ARM | 7.36% | 7.19% | – 0.17 |
📉 30-Year Mortgage Rates Fell 23 Basis Points
The rates for 30-year new purchase mortgages have significantly dropped! From an average of 6.91% on November 21, rates lowered consistently over the holiday-shortened week, finishing at an impressive 6.68%—the lowest in six weeks!
Just a couple of months back, in September, these rates sunk to a two-year low of 5.89%. Yet, the rollercoaster ride of rates showed peaks through October and November.
📉 15-Year Mortgage Rates Dropped a Quarter Percentage Point
The 15-year new purchase loans also saw a striking reduction last week, falling 25 basis points to 5.84%. This marks the best rates we’ve seen in six weeks! Remember, just like the 30-year loans, these went as low as 4.97% back in September!
📉 Jumbo 30-Year Rates Declined 18 Basis Points
Jumbo 30-year new purchase loans also showed a notable decline, dropping 18 basis points from 6.90% to a favorable 6.72%! Back in September, these loans saw rates as low as 6.24%.
What Exactly is a Jumbo Loan? 🤔
A jumbo mortgage exceeds the loan limits set by Fannie Mae and Freddie Mac—currently $766,550 for single-family homes in most areas of the U.S., climbing up to $1,149,825 in certain high-cost regions.
💵 How Much Can You Save This Week on Monthly Payments?
Curious how these lowered interest rates impact your monthly payments? Check out the breakdown below for the principal-plus-interest payment for various loan amounts on 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgages, including changes from the previous week.
For loans ranging from $200,000 to $600,000, principal and interest payments for both 30-year and 15-year mortgages have decreased by $27 to $92 this past week!
| Monthly Mortgage Payments for 30-Year Loans – Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National Average Rate | $200,000 | $300,000 | $400,000 | $500,000 | $600,000 | |
| Fri, Nov. 22 | 6.91% | $1,319 | $1,978 | $2,637 | $3,296 | $3,956 |
| Fri, Nov. 29 | 6.68% | $1,288 | $1,932 | $2,576 | $3,220 | $3,864 |
| Monthly Payment Change | -$31 | -$46 | -$61 | -$77 | -$92 | |
| Monthly Mortgage Payments for 15-Year Loans – Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National Average Rate | $200,000 | $300,000 | $400,000 | $500,000 | $600,000 | |
| Fri, Nov. 22 | 6.09% | $1,697 | $2,546 | $3,395 | $4,244 | $5,092 |
| Fri, Nov. 29 | 5.84% | $1,670 | $2,506 | $3,341 | $4,176 | $5,011 |
| Monthly Payment Change | -$27 | -$40 | -$54 | -$67 | -$81 | |
Jumbo 30-year mortgages involve larger sums, so we’ve focused calculations on loan amounts of $800,000 to $1.2 million. Savings this week range from $96 to $144 monthly, depending on the loan size.
| Monthly Mortgage Payments for Jumbo 30-Year Loans – Today vs. Last Week | ||||||
|---|---|---|---|---|---|---|
| National Average Rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
| Fri, Nov. 22 | 6.90% | $5,269 | $5,927 | $6,586 | $7,245 | $7,903 |
| Fri, Nov. 29 | 6.72% | $5,173 | $5,819 | $6,466 | $7,113 | $7,759 |
| Monthly Payment Change | -$96 | -$108 | -$120 | -$132 | -$144 | |
📊 How We Track Mortgage Rates
The national and state averages we share are sourced from the Zillow Mortgage API, based on an assumed loan-to-value (LTV) ratio of 80% (meaning a down payment of at least 20%) and an applicant credit score between 680–739. The rates reflect what borrowers could expect when getting quotes from lenders, which may differ from the advertised rates. 📈
