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Mortgage Rates Rose for Mosꩵt Loan Types Last We♔ek

After surging since sinking to a two-year low in September, mortgage rates finally took their foot off the gas this past week. The Friday-to-Friday decline has brought the average rate down on some of the most popular loan types by as much as 22 basis points. Here's a look at how each loan type fared from Friday, Nov. 1 to Friday, Nov. 8.

Then below, we dig deeper into th𒊎ree of the most common mortgage types: 30-y𝓀ear, 15-year, and jumbo 30-year fixed-rate loans.

30-Year Mortgage Rates Fell 15 Basis Points

Rates on 30-year new purchase mortgages saw a notable drop last week. After averaging 6.90% on Friday, Nov. 1, rates fell quickly during the last two days of the week. They ended Friday with a 6.75% average, for a weekly drop 🌌of 15 basis points.

In mid-September, the 30-year average plunged to a two-year low of 5.89%, though the lowest Friday average was 6.03%. Since then, however, 30-year rates have shown a Friday-over-Friday climb in five of the last seven weeks.

15-Year Mortgage Rates꧃ 🍸Gave Up a Tenth of a Point

Rates on 15-year new purchase loans also fell this past week. The🐠 15-year new purchase average subtracted 10 basis points from Nov. 1 to this past Friday, sinking back below the 6% threshold with a new 5.91% average. Like 30-year loans, rates on🐬 15-year mortgages hit a two-year low in September, sinking to 4.97% (though the lowest Friday average was 5.07%).

Jumbo 30-Year Rates Eased Modestly Lower

Rates on jumbo 30-year new purchase loans dipped a more modest 6 basis points week-over-week. Dropping from Nov. 1's average of 6.90%, Friday's reading was down to 6.84%. Rates on new 30-year jumbo loans fell to a 19-month low of 6.24% on Sept. 18, with the lowest Friday average registering at 6.40%.

What Today's Monthly Payments Now Look Like

To see how this week's higher interest rates translate into monthly payments, you can see below what the 澳洲幸运5官方开奖结果体彩网:principal-plus-interest payment woulꦇd be for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage, including theꦬ change vs. the previous week.

On loan amounts of $200,000 to $600,000, principal-and-interest payments ๊for 30-year and 15-year mortgages dropped $11 to $60 per month over the past week.

Jumbo 30-year mortgages by definition have higher loan amounts, so here we ran our calculations with loan amounts of $800,000 to $1.2 million. The mortgage payment decrease this week ranged from $32 to $48 per moꦅnth depending on the loan size.

How We Track Mortgage Rates

The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a 澳洲幸运5官方开奖结果体彩网:loan-to-value (LTV) ratio of 80% (i.e., a down payment ofཧ 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.