Today's Mortgage Rates & Trends - March 24, 2023: Rates Sink

30-year mortgage average has plunged to its lowest level in six weeks


Mortgage rates took a major fall Thursday, dropping the 30-year mortgage average more than a quarter percentage point, with double-digit decreases for a majority of the other loan averages as well.

National Averages of Lenders' Best Rates
Loan Type Purchase Refinance
30-Year Fixed 6.65% 6.97%
FHA 30-Year Fixed 6.36% 6.83%
Jumbo 30-Year Fixed 5.77% 5.77%
15-Year Fixed 5.88% 6.11%
5/6 ARM 6.92% 7.09%
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

Rates on 30-year mortgages plummeted 27 basis points Thursday, reducing the flagship average to its cheapest level since February 9. Now sitting at 6.65%, the 30-year average continues its movement between the bookends of October's historic 20-year peak of 7.58% and early February's five-month low of 6.11%.

Thursday's 15-year rate average likewise plunged, sinking 29 basis points. Now down to 5.88%, 15-year rates are also at their lowest mark since early February, and are averaging midway between the 15-year high of 7.03% seen in October and the 5.23% low point registered in the first days of February.

Jumbo 30-year rates were flat for a second day Thursday. Holding steady at a 5.77% average, Jumbo 30-year rates are half a percentage point under October's 12-year high of 6.27%.

Refinancing rates moved very similarly to new purchase rates Thursday, with the 30-year refi average subtracting 29 basis points, the 15-year refi average shedding 25 points, and Jumbo 30-year refi rates again marching in place. The cost to refinance for 30 years is currently 32 basis points more expensive than 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 in 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 6.65% - 0.27
FHA 30-Year Fixed 6.36% - 0.52
VA 30-Year Fixed 6.46% - 0.34
Jumbo 30-Year Fixed 5.77% No Change
20-Year Fixed 6.30% - 0.37
15-Year Fixed 5.88% - 0.29
Jumbo 15-Year Fixed 5.90% - 0.12
10-Year Fixed 5.84% - 0.27
10/6 ARM 6.89% - 0.64
7/6 ARM 7.01% - 0.15
Jumbo 7/6 ARM 5.71% - 0.12
5/6 ARM 6.92% - 0.03
Jumbo 5/6 ARM 5.81% - 0.12
National Averages of Lenders' Best Rates - Refinance
Loan Type Refinance Daily Change
30-Year Fixed 6.97% - 0.29
FHA 30-Year Fixed 6.83% - 0.47
VA 30-Year Fixed 7.07% - 0.19
Jumbo 30-Year Fixed 5.77% No Change
20-Year Fixed 6.65% - 0.40
15-Year Fixed 6.11% - 0.25
Jumbo 15-Year Fixed 5.90% - 0.12
10-Year Fixed 6.04% - 0.26
10/6 ARM 7.19% - 0.52
7/6 ARM 7.35% - 0.18
Jumbo 7/6 ARM 5.81% - 0.12
5/6 ARM 7.09% - 0.26
Jumbo 5/6 ARM 5.81% - 0.12

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 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 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 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.

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