Today's Mortgage Rates & Trends - April 13, 2023: Rates Retreat

Rate averages across almost every loan type dropped, with most dipping by double digits


Mortgage rates sliced off a lot of the spike they saw earlier this week, with every average but three jumbo products dropping notably Wednesday. Most subtracted double digits, including the 15-year average, which has dipped back below the 6% threshold.

National Averages of Lenders' Best Rates
Loan Type Purchase Refinance
30-Year Fixed 6.67% 7.00%
FHA 30-Year Fixed 6.45% 6.90%
Jumbo 30-Year Fixed 5.77% 5.77%
15-Year Fixed 5.91% 6.15%
5/6 ARM 7.29% 7.49%
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 National Mortgage Rate Averages

After climbing more than a third of a percentage point earlier this week, the 30-year mortgage average dropped back Wednesday by 16 basis points, landing at 6.67%. For more than two months, the flagship average has been wavering between the five-month low of 6.11% hit in early February and the 20-year high of 7.58% notched in October.

Rates on 15-year loans also came down Wednesday, moving back below the 6% mark with a 13-basis-point decline to 5.91%. Like 30-year rates, the 15-year average has been moving around in a range between recent high and low marks of 7.03% in October, a 15-year peak, and 5.23% in February, a five-month low.

Once again, jumbo 30-year rates were flat. Holding at 5.77% for a fourth day, the jumbo 30-year average is within half a percentage point of October's 12-year-high of 6.27%.

Wednesday's refinancing rates showed similar movements to new purchase loans, with the 30-year refi average dipping 11 basis points, the 15-year refi average dropping 13 points, and jumbo 30-year refi rates again marching in place. The cost to refinance for 30 years is currently 33 basis points more expensive than 30-year new purchase rates.

After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of 2022. Indeed, the 30-year average's mid-June peak of 6.38% was almost 3.5 percentage points above its summer 2021 trough of 2.89%. But the surge last September and October dramatically outdid the summer high, with the 30-year average ultimately reaching 1.2 percentage points higher than the June peak.

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. They 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 given the value of the home.

National Averages of Lenders' Best Rates - New Purchase
New Purchase Daily Change
30-Year Fixed 6.67% - 0.16
FHA 30-Year Fixed 6.45% - 0.40
VA 30-Year Fixed 6.42% - 0.14
Jumbo 30-Year Fixed 5.77% No Change
20-Year Fixed 6.35% - 0.21
15-Year Fixed 5.91% - 0.13
Jumbo 15-Year Fixed 5.77% No Change
10-Year Fixed 5.87% - 0.08
10/6 ARM 6.96% - 0.01
7/6 ARM 7.03% - 0.18
Jumbo 7/6 ARM 5.58% - 0.13
5/6 ARM 7.29% - 0.11
Jumbo 5/6 ARM 5.69% No Change
National Averages of Lenders' Best Rates - Refinance
Loan Type Refinance Daily Change
30-Year Fixed 7.00% - 0.11
FHA 30-Year Fixed 6.90% - 0.29
VA 30-Year Fixed 7.18% - 0.06
Jumbo 30-Year Fixed 5.77% No Change
20-Year Fixed 6.68% - 0.26
15-Year Fixed 6.15% - 0.13
Jumbo 15-Year Fixed 5.77% No Change
10-Year Fixed 6.09% - 0.10
10/6 ARM 7.25% - 0.07
7/6 ARM 7.54% - 0.07
Jumbo 7/6 ARM 5.69% - 0.12
5/6 ARM 7.49% - 0.04
Jumbo 5/6 ARM 5.69% No Change

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

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 had 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 (and not the more publicized federal funds rate) is a major influencer on mortgage rates.

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

The Fed's rate and policy committee, called the Federal Open Market Committee (FOMC), meets every six to eight weeks. Their next scheduled meeting will conclude on May 3, 2023.


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.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Board of Governors of the Federal Reserve System. "FOMC Meeting Calendar."

Compare Mortgage Lenders
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.