Rates for Most Mortgage Types Move Higher

Today's Mortgage Rates & Trends - Nov. 21, 2023

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After taking just a one-day pause, 30-year mortgage rates are back to moving in big swings. Adding 20 basis points Monday—the biggest gain of the day across loan types—the flagship average is now back up to 7.87%. That's after sinking to 7.64% Thursday, its lowest level since September.

Most other averages climbed by more modest increments Monday, though the jumbo averages were largely flat. Only the jumbo 5/6 ARM average subtracted points.

Rates vary widely across lenders, so it's always smart to shop around for your best mortgage option and compare rates regularly, no matter what type of loan you're seeking.

National Averages of Lenders' Best Rates
Loan Type New Purchase Refinance
30-Year Fixed 7.87% 8.14%
FHA 30-Year Fixed 7.51% 7.90%
Jumbo 30-Year Fixed 6.94% 6.94%
15-Year Fixed 7.01% 7.29%
5/6 ARM 7.91% 7.91%
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

Over the past week, 30-year mortgage rates have moved in a dramatic yo-yo pattern, reaching up to 8.07% on Nov. 13 and sinking to a two-month low of 7.64% on Nov. 16. The current average is 7.87%. Though sitting in the middle of the recent range, rates are still substantially cheaper than Oct. 17's peak average of 8.45%, a 23-year high-water mark for 30-year loans.


The Freddie Mac mortgage average released on Oct. 26 revealed that 30-year rates had climbed for a seventh straight week to average 7.79%—their highest level since 2000. The Freddie Mac average has since slid to 7.44%, the lowest average since late September.

Freddie Mac’s averages differ from those we publish here due to Freddie Mac calculating a weekly average that blends five previous days of rates, which may include loans priced with discount points. In contrast, Investopedia’s averages indicate daily rate movement and only include zero-point loans.

Monday's 15-year mortgage rates gained just 7 basis points on average, rising just above the 7% threshold. Friday's 15-year average of 6.94% was the lowest reading since August, while Oct. 23 saw the 15-year mortgage average shoot up to 7.59%, its highest mark since 2000.

Jumbo 30-year rates marked time for a second day Monday, remaining at 6.94%. Though daily jumbo rates were not available before 2009, it's estimated that the 7.52% peak on Oct. 19 was the most expensive average for jumbo 30-year loans in more than 20 years.

The only new purchase rates to decline Monday were for jumbo 5/6 adjustable-rate loans. The average there moved 13 basis points lower.

National Averages of Lenders' Best Rates - New Purchase
Loan Type New Purchase Rates Daily Change
30-Year Fixed 7.87% +0.20
FHA 30-Year Fixed 7.51% +0.09
VA 30-Year Fixed 7.37% +0.05
Jumbo 30-Year Fixed 6.94% No Change
20-Year Fixed 7.49% +0.06
15-Year Fixed 7.01% +0.07
FHA 15-Year Fixed 7.28% +0.05
Jumbo 15-Year Fixed 7.02% No Change
10-Year Fixed 6.94% +0.05
10/6 ARM 7.97% +0.05
7/6 ARM 7.88% No Change
Jumbo 7/6 ARM 6.71% No Change
5/6 ARM 7.91% +0.08
Jumbo 5/6 ARM 6.69% -0.13

Today's Mortgage Rate Averages: Refinancing

Most refinancing averages moved similarly to new purchase rates Monday, except that the 30-year refi average only tacked on a minor 5 basis points. That narrows the gap between 30-year new purchase and refi rates to just 27 basis points. The 15-year refi average also gained 5 basis points, while the jumbo 30-year refi average held steady.

Only the 5/6 ARM and jumbo 5/6 ARM refi averages gave up ground, subtracting 7 and 13 basis points, respectively.

National Averages of Lenders' Best Rates - Refinance
Loan Type Refinance Rates Daily Change
30-Year Fixed 8.14% +0.05
FHA 30-Year Fixed 7.90% +0.12
VA 30-Year Fixed 8.03% +0.02
Jumbo 30-Year Fixed 6.94% No Change
20-Year Fixed 7.98% +0.05
15-Year Fixed 7.29% +0.05
FHA 15-Year Fixed 7.37% +0.02
Jumbo 15-Year Fixed 7.02% No Change
10-Year Fixed 7.25% +0.08
10/6 ARM 8.23% +0.06
7/6 ARM 8.10% +0.09
Jumbo 7/6 ARM 6.81% No Change
5/6 ARM 7.91% -0.07
Jumbo 5/6 ARM 6.68% -0.13

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.

The states with the lowest 30-year new purchase averages were Vermont, North Carolina, Louisiana, Tennessee, North Dakota, and Wyoming, while the states with the highest averages were Maryland, Washington, D.C., Virginia, New Jersey, and Pennsylvania.

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, especially 10-year Treasury yields
  • The Federal Reserve's current monetary policy, especially as it relates to bond buying and funding government-backed mortgages
  • 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 of 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.

Since that time, the Fed has been aggressively raising the federal funds rate to fight decades-high inflation. While the fed funds rate can influence mortgage rates, it does not directly do so. In fact, the fed funds rate and mortgage rates can move in opposite directions.

However, given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over the last 18 months—even the indirect influence of the fed funds rate has resulted in an upward impact on mortgage rates over the last two years.

The Fed has opted to hold rates steady at its last two meetings, which concluded Sept. 20 and Nov. 1. Though Fed Chair Jerome Powell made it clear that another rate increase is still possible at a future meeting, encouraging inflation data released Nov. 14 has since dampened almost all expectations of future increases. The Fed’s next rate announcement will be made Dec. 13.


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.

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Investopedia / Alice Morgan

Article Sources
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  1. Freddie Mac. “Mortgage Rates.”

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