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Though new purchase mortgage rates saw welcome declines in late November and early December, they surged higher around Christmas—and then higher still in January. The last two months initially had some welcome news for house hunters—with the flagship 30-year average not just dipping below the 7% mark but holding firmly in 6% territory. However, rates did jump during the second week of March, with most loan types rising over 20 basis points.
Last week, most loan types at least partially recovered from their recent gains. Rates are still significantly below the 2025 peaks registered on Jan. 10.
Below, you can see the one-week changes for each new purchase loan average, followed by a deeper dive into 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Mar. 14 averages | Mar. 21 averages | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 6.84% | 6.76% | – 0.08 |
| FHA 30-Year Fixed | 7.15% | 7.35% | + 0.20 |
| VA 30-Year Fixed | 6.45% | 6.34% | – 0.11 |
| 20-Year Fixed | 6.57% | 6.49% | – 0.08 |
| 15-Year Fixed | 5.93% | 5.90% | – 0.03 |
| FHA 15-Year Fixed | 6.73% | 6.80% | + 0.07 |
| 10-Year Fixed | 5.97% | 5.78% | – 0.19 |
| 7/6 ARM | 7.38% | 7.34% | – 0.04 |
| 5/6 ARM | 7.29% | 7.27% | – 0.02 |
| Jumbo 30-Year Fixed | 6.85% | 6.77% | – 0.08 |
| Jumbo 15-Year Fixed | 6.74% | 6.67% | – 0.07 |
| Jumbo 7/6 ARM | 6.78% | 6.94% | + 0.16 |
| Jumbo 5/6 ARM | 6.97% | 6.93% | – 0.04 |
Rates on 30-year new purchase loans ended last week just 8 basis points lower than the prior Friday, landing at a 6.76% average. On Feb. 28, rates averaged just 6.55%, a low point for 2025. Compared to two months ago, when rates shot up to a seven-month high of 7.09%, today’s 30-year rates are 33 basis points lower.
Despite the late February–early March dip (and the recent improvement), things were better in September, when the 30-year average plunged to a two-year low of 5.89% (the cheapest Friday average being 6.03%). But rates bolted higher in October and November and then took additional steps higher around Christmas and in January.
Rates on 15-year new purchase loans gave up a much smaller 3 basis points from Friday to Friday, ending last week at a 5.90% average. That’s a 32-point improvement vs. the Jan. 10 peak of 6.22%, but substantially above the two-year low of 4.97% registered in September.
Rates on jumbo 30-year new purchase loans fell by 8 basis points last week to a Friday average of 6.77%. That’s 18 basis points below the 2025 high of 6.95%. Back in September, in contrast, rates on new 30-year jumbo loans fell as far as 6.24%, with the lowest weekly average registering at 6.39%.
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.
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.
| 30-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Mar. 14 | 6.84% | $1,636 | $2,291 | $2,946 | $3,600 | $4,255 |
| Fri, Mar. 21 | 6.76% | $1,623 | $2,272 | $2,922 | $3,571 | $4,220 |
| 1-week change | – 0.08 | – $13 | – $19 | – $24 | – $29 | – $35 |
| 15-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Mar. 14 | 5.93% | $2,100 | $2,940 | $3,780 | $4,620 | $5,461 |
| Fri, Mar. 21 | 5.90% | $2,096 | $2,935 | $3,773 | $4,612 | $5,450 |
| 1-week change | – 0.03 | – $4 | – $5 | – $7 | – $8 | – $11 |
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 loan | $900,000 loan | $1 million loan | $1.1 million loan | $1.2 million loan | |
| Fri, Mar. 14 | 6.85% | $5,242 | $5,897 | $6,553 | $7,208 | $7,863 |
| Fri, Mar. 21 | 6.77% | $5,199 | $5,849 | $6,499 | $7,149 | $7,799 |
| 1-week change | – 0.08 | – $43 | – $48 | – $54 | – $59 | – $64 |
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 resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.
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