As of Feb 8, the rate borrowers were quoted on Zillow for a 30-year fixed mortgage was 6.13%.
As of Feb 8, the rate borrowers were quoted on Zillow for a 30-year fixed mortgage was 6.13%.
Mortgage rates rose sharply on labor market strength and a more hawkish Fed
“After falling slightly last week, mortgage rates rose sharply this week, erasing some of the progress made on the housing affordability front in the past few months,” said Orphe Divounguy, Zillow Home Loans senior macroeconomist. “A stronger than expected employment report, the continued unwinding of $95 billion worth of Treasury and Mortgage Backed Securities each month and more hawkish recent comments by Federal Reserve officials are putting upward pressure on bond yields and the mortgage rates they tend to influence. A number of Fed officials spoke this week with the same general message: interest rates must go higher and stay high for a few years in order to ‘kill inflation’. A stronger-than-expected labor market is the reason given. Employment rose by 517,000 jobs nationwide in January and strong labor demand – especially in the services sector – has kept wage growth elevated. Since then, financial conditions have tightened again. But with a slew of leading indicators pointing to a slowing economy, the rapid deceleration of consumer price growth, and falling inflation expectations, more aggressive policy tightening could drive the risk of recession higher and pull long term rates down again. Next week’s Consumer Price Index report will likely cause more policy uncertainty and higher mortgage rate volatility.”
Additionally, the current national average 15-year fixed mortgage rate stands at 5.26%, while the current national average 5-year ARM rate is 5.86%.
Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.
Here’s a comprehensive look at the current mortgage rates for all loan types:
Today’s Average Rates for Conventional Loans
| Program | Interest Rate | APR | 1 Wk Change |
|---|---|---|---|
| 30-Year Fixed | 6.52% | 6.63% | -0.49% |
| 20-Year Fixed | 6.01% | 6.16% | -0.37% |
| 15-Year Fixed | 5.48% | 5.69% | -0.38% |
| 10-Year Fixed | 5.05% | 5.32% | -0.11% |
| 7/1 ARM | 6.37% | 6.91% | -0.28% |
| 5/1 ARM | 5.71% | 6.72% | -0.1% |
| 3/1 ARM | 0% | 0% | 0% |
A 30-Year Fixed loan of $300,000 at 6.52% APR with a $75,000 down payment will have a monthly payment of $1,900. A 20-Year Fixed loan of $300,000 at 6.01% APR with a $75,000 down payment will have a monthly payment of $2,151. A 15-Year Fixed loan of $300,000 at 5.48% APR with a $75,000 down payment will have a monthly payment of $2,448. A 10-Year Fixed loan of $300,000 at 5.05% APR with a $75,000 down payment will have a monthly payment of $3,189. A 7/1 ARM loan of $300,000 at 6.37% APR with a $75,000 down payment will have a monthly payment of $1,869. A 5/1 ARM loan of $300,000 at 5.71% APR with a $75,000 down payment will have a monthly payment of $1,742. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today’s Average Rates for Government Loans
| Program | Interest Rate | APR | 1 Wk Change |
|---|---|---|---|
| 30-Year Fixed FHA | 6.09% | 6.92% | -0.91% |
| 30-Year Fixed VA | 5.92% | 6.33% | -0.52% |
| 15-Year Fixed FHA | 5.5% | 6.38% | -0.7% |
| 15-Year Fixed VA | 5.72% | 6.39% | -0.54% |
| 5/1 ARM FHA | 5.25% | 7.16% | -0.23% |
| 5/1 ARM VA | 5.5% | 6.59% | -0.05% |
A 30-Year Fixed FHA loan of $300,000 at 6.09% APR with a $75,000 down payment will have a monthly payment of $1,816. A 30-Year Fixed VA loan of $300,000 at 5.92% APR with a $75,000 down payment will have a monthly payment of $1,782. A 15-Year Fixed FHA loan of $300,000 at 5.5% APR with a $75,000 down payment will have a monthly payment of $2,451. A 15-Year Fixed VA loan of $300,000 at 5.72% APR with a $75,000 down payment will have a monthly payment of $2,486. A 5/1 ARM FHA loan of $300,000 at 5.25% APR with a $75,000 down payment will have a monthly payment of $1,656. A 5/1 ARM VA loan of $300,000 at 5.5% APR with a $75,000 down payment will have a monthly payment of $1,703. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today’s Average Rates for Jumbo Loans
| Program | Interest Rate | APR | 1 Wk Change |
|---|---|---|---|
| 30-Year Fixed Jumbo | 6.18% | 6.27% | -0.22% |
| 20-Year Fixed Jumbo | 6.18% | 6.34% | -0.29% |
| 15-Year Fixed Jumbo | 5.5% | 5.65% | -0.14% |
| 10-Year Fixed Jumbo | 5.71% | 5.86% | 0% |
| 7/1 ARM Jumbo | 5.76% | 6.59% | -0.1% |
| 5/1 ARM Jumbo | 5.74% | 6.77% | -0.08% |
| 3/1 ARM Jumbo | 5.75% | 6.82% | 0% |
A 30-Year Fixed Jumbo loan of $726,201 at 6.18% APR with a $181,550 down payment will have a monthly payment of $4,438. A 20-Year Fixed Jumbo loan of $726,201 at 6.18% APR with a $181,550 down payment will have a monthly payment of $5,276. A 15-Year Fixed Jumbo loan of $726,201 at 5.5% APR with a $181,550 down payment will have a monthly payment of $5,934. A 10-Year Fixed Jumbo loan of $726,201 at 5.71% APR with a $181,550 down payment will have a monthly payment of $7,956. A 7/1 ARM Jumbo loan of $726,201 at 5.76% APR with a $181,550 down payment will have a monthly payment of $4,240. A 5/1 ARM Jumbo loan of $726,201 at 5.74% APR with a $181,550 down payment will have a monthly payment of $4,234. A 3/1 ARM Jumbo loan of $726,201 at 5.75% APR with a $181,550 down payment will have a monthly payment of $4,237. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Source: zillow.com