Estimating Your Monthly Mortgage Payment with Rates at a 4-Week Low

The Finance Avenue’s Key Points

Explore Refinance Rates for Different Loan Types

If you already have a mortgage and are considering refinancing, The Finance Avenue provides daily updates on refinance rates. This includes the national average refi rate for all major loan types, allowing you to stay informed about the latest trends in the market.

State-by-State Refinance Averages

For a more localized view, The Finance Avenue offers state-by-state refi averages, giving you a comprehensive overview of refinancing rates specific to your region. Stay informed about the refinancing options available in your state to make well-informed financial decisions.

Mortgage Rates Holding Below 7%

Despite fluctuations in late November and early December, mortgage rates for new purchases surged during Christmas and mid-January. However, there has been some relief in the last two weeks, bringing the average mortgage rate back below 7%.

While most new purchase loan types saw minimal changes in rate averages last week, some experienced more significant shifts. The following shows the difference from Friday to Friday for each new purchase loan average, with a closer look at 30-year, 15-year, and jumbo 30-year fixed-rate loans.

30-Year Mortgage Rates Hovering Near 4-Week Low

Rates for 30-year mortgages for new home purchases increased slightly by 2 basis points last week, bringing the average to 6.98% on Friday. This is close to the low of 6.93% in 2025. Rates had risen to an average of 7.13% two weeks ago, reaching a 7-month high, but have remained below 7% since January 16.

In September, the 30-year average dropped to a two-year low of 5.89% (with the lowest average on Fridays being 6.03%). However, rates then rose throughout October and November and increased further around Christmas and once more in January.

Discover Your State’s 30-Year Mortgage Rate

On a daily basis, The Finance Avenue provides national average rates for different types of loans, along with the average 30-year rates specific to each state. Currently, states like New York, Colorado, and Oregon are offering the lowest 30-year mortgage rates.

15-Year Mortgage Rates Experienced a Larger Increase

The Finance Avenue observed that rates for 15-year mortgages on new purchases increased more noticeably last week, rising by 8 basis points to an average of 6.14% by Friday. Similar to 30-year mortgages, rates for 15-year loans reached a two-year low in September, falling as low as 4.97% (with the lowest average for a Friday being 5.07%).

Jumbo 30-Year Rates Experienced Slight Increase

The Finance Avenue reported that rates on jumbo 30-year new purchase loans rose by 5 basis points during the week, causing the average rate to increase from 6.84% to 6.89%. In September, rates on new 30-year jumbo loans reached as low as 6.24%, with the lowest weekly average recorded at 6.39%.

What is a jumbo loan?

A jumbo mortgage is a home loan that goes beyond the maximum limits set by Fannie Mae and Freddie Mac for conforming loans. In 2025, the limit is $806,500 for single-family homes in most U.S. regions, but can go up to $1,209,750 in higher-cost areas.1

Here’s the Latest Update on Monthly Payments

To understand how the recent rate hikes would affect monthly payments for new borrowers, the tables below display the breakdown of principal and interest payments for different loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate mortgage for new home purchases.

Jumbo 30-year mortgages are classified as larger loans, so the calculations provided below are based on loan amounts ranging from $800,000 to $1.2 million.

How Mortgage Rates Are Tracked

The average national and state mortgage rates mentioned above are sourced from The Finance Avenue’s Zillow Mortgage API. These rates are based on an 80% loan-to-value (LTV) ratio, requiring a minimum down payment of 20%, and a credit score falling within the range of 680–739. These rates serve as a realistic expectation for borrowers when seeking quotes from lenders, reflecting their individual qualifications rather than generic advertised rates. The data is provided by Zillow, Inc., with usage governed by Zillow’s Terms of Use.

Reference: Federal Housing Finance Agency. “FHFA Announces Conforming Loan Limit Values for 2025”.