Mortgage Rates Below Recent Peak

Today's Mortgage Rates & Trends - Sept. 14, 2023

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After spiking to a historic 22-year high last week, 30-year mortgage rates eased a bit, and have rested there. The 30-year average was flat Wednesday, with the rate average for every other loan type but one also essentially steady.

The latest 30-year fixed-rate average is 7.70%. Since rates vary widely across lenders, it's always smart to shop around for your best mortgage option and compare rates regularly, no matter what type of loan you're in the market for.

National Averages of Lenders' Best Rates
Loan Type New Purchase Refinance
30-Year Fixed 7.70% 8.11%
FHA 30-Year Fixed 7.55% 7.86%
Jumbo 30-Year Fixed 6.90% 6.90%
15-Year Fixed 7.13% 7.20%
5/6 ARM 7.40% 7.46%
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

Rates on 30-year new purchase mortgages marked time Wednesday, holding at a 7.70% average. That's a tenth of a point below the reading a week ago, and 14 basis points cheaper than the historic peak notched later in the week. When the flagship average climbed to 7.84% last Thursday, it was the highest level reached since 2001.


When Freddie Mac released its weekly mortgage averages Aug. 24, it revealed that 30-year rates had hit a 22-year high. The Freddie Mac average that week was 7.23%, its highest reading since June 2001. The current average is slightly lower, at 7.18%.

Freddie Mac’s averages differ from the averages we publish here due to Freddie Mac calculating a weekly average that blends five previous days of rates, and 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 loans gave up a minor 2 basis points Wednesday, dipping to 7.13%. The current average is holding not far below the 7.17% peak reached in August, which was a 21-year high.

Yet again, the jumbo 30-year average was flat Wednesday, holding for a sixth consecutive day at 6.90%. Daily jumbo averages are not available before 2009, but it's fair to assume August's jumbo 30-year peak of 7.02% was also the most expensive level reached in at least 20 years.

Every other new purchase average except one also marched mostly in place Wednesday. The only average to move more than 2 basis points was the FHA 15-year average, which sank 15 basis points.

National Averages of Lenders' Best Rates - New Purchase
Loan Type New Purchase Rates Daily Change
30-Year Fixed 7.70% No Change
FHA 30-Year Fixed 7.55% -0.01
VA 30-Year Fixed 7.53% -0.02
Jumbo 30-Year Fixed 6.90% No Change
20-Year Fixed 7.60% +0.02
15-Year Fixed 7.13% -0.02
FHA 15-Year Fixed 7.14% -0.15
Jumbo 15-Year Fixed 7.02% No Change
10-Year Fixed 7.06% -0.02
10/6 ARM 7.47% -0.01
7/6 ARM 7.57% -0.01
Jumbo 7/6 ARM 6.83% No Change
5/6 ARM 7.40% -0.02
Jumbo 5/6 ARM 6.94% No Change

Today's Mortgage Rate Averages: Refinancing

Refinancing averages were a bit more mixed than their new purchase cousins Wednesday. The 30-year refi average climbed 7 basis points, stretching the gap between 30-year new purchase and refi rates to 41 basis points. The 20-year refi average also gained, tacking on 3 basis points.

The 15-year and jumbo 30-year refi averages held steady for a second day, while the biggest refi rate movement was seen for FHA 15-year and 5/6 ARM loans, which subtracted 5 and 6 basis points, respectively.

National Averages of Lenders' Best Rates - Refinance
Loan Type Refinance Rates Daily Change
30-Year Fixed 8.11% +0.07
FHA 30-Year Fixed 7.86% +0.01
VA 30-Year Fixed 7.84% -0.01
Jumbo 30-Year Fixed 6.90% No Change
20-Year Fixed 7.98% +0.03
15-Year Fixed 7.20% No Change
FHA 15-Year Fixed 7.31% -0.05
Jumbo 15-Year Fixed 7.02% No Change
10-Year Fixed 7.15% -0.02
10/6 ARM 7.88% +0.01
7/6 ARM 7.75% No Change
Jumbo 7/6 ARM 6.94% No Change
5/6 ARM 7.46% -0.06
Jumbo 5/6 ARM 6.94% No Change

Calculate monthly payments for different loan scenarios with our Mortgage Calculator.

The rates you see here generally won’t compare directly with teaser rates you see advertised online, since those rates are cherry-picked as the most attractive,?while these rates are averages. Teaser rates?may involve paying points in advance, or they may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan.?The mortgage rate you ultimately secure will be based on factors like your credit score, income, and more, so it may be higher or lower than the averages you see here.

Lowest Mortgage Rates by State

The lowest mortgage rates available vary depending on the state where originations occur. Mortgage rates can be influenced by state-level variations in credit score, average mortgage loan type, and size, in addition to individual lenders' varying risk management strategies.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as the level and direction of the bond market, including 10-year Treasury yields; the Federal Reserve's current monetary policy, especially as it relates to funding government-backed mortgages; and competition between mortgage lenders and across loan types. Because fluctuations can be caused by any number of these at once, it's generally difficult to attribute the change to any one factor.

Macroeconomic factors kept the mortgage market relatively low for much of 2021. In particular, the Federal Reserve had been buying billions of dollars of bonds in response to the pandemic's economic pressures. This bond-buying policy is a major influencer on mortgage rates.

But starting in Nov. 2021, the Fed began tapering its bond purchases downward, making sizable reductions each month until reaching net-zero in March 2022.

The federal funds rate, which is set every six to eight weeks by the Fed's rate and policy committee—the Federal Open Market Committee (FOMC)—can also influence mortgage rates. However, it does not directly drive mortgage rates, and in fact, the fed funds rate and mortgage rates can move in opposite directions.

At its latest meeting, which concluded on July 26, the Fed hiked rates by a widely expected 25 basis points, raising the fed funds rate to a range of 5.25% to 5.50%. Fed Chairman Jerome Powell said that because inflation is still above the Fed's target rate of 2%, the rate-setting committee could either raise rates again or pause when it meets on Sept. 20, depending on economic conditions.


The national averages cited above were calculated based on the lowest rate offered by more than 200 of the country's top lenders, assuming a loan-to-value ratio (LTV) of 80% and an applicant with a FICO credit score in the 700–760 range. The resulting rates are representative of what customers should expect to see when receiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rates.

For our map of the best state rates, the lowest rate currently offered by a surveyed lender in that state is listed, assuming the same parameters of an 80% LTV and a credit score between 700–760.

The words "Mortgage Rates for Thursday 09.14.23" on a dark blue background with housing-related graphics

Investopedia / Alice Morgan

Article Sources
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  1. Freddie Mac. “The 30-Year Fixed-Rate Mortgage Reaches its Highest Level in Over Twenty Years.”

  2. Congressional Research Service. "Federal Reserve: Tapering of Asset Purchases," Page 1.

  3. Board of Governors of the Federal Reserve System. "FOMC Meeting Calendar."

  4. Federal Reserve. "Transcript of Chair Powell’s Press Conference July 26, 2023."