Today's Mortgage Rates & Trends - October 26, 2022: Rates dip further

30-year average drops for second day, falling further below recent 20-year high

Rates on 30-year mortgages continue to swing up and down. After establishing a new 20-year high on Friday, the flagship average has sunk more than a third of a percentage point this week.

National Averages of Lenders' Best Rates
Loan Type Purchase Refinance
30-Year Fixed 7.25% 7.53%
FHA 30-Year Fixed 7.13% 7.39%
Jumbo 30-Year Fixed 6.27% 6.28%
15-Year Fixed 6.88% 6.94%
5/6 ARM 6.91% 7.05%
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 Friday notching its fourth 20-year peak in about a month's time, the 30-year average has been falling so far this week. Shedding another 17 basis points Tuesday to land at 7.25%, the average has given up a full third of a point since Friday's reading of 7.58%, its most expensive level since 2002.

Rates on 15-year loans declined by a more modest five basis points Tuesday, taking the 15-year average down to 6.88%. Last week the average had recorded a 15-year high of 7.03%.

Jumbo 30-year rates meanwhile remained flat for a third consecutive day. But their current 6.27% average is their highest mark since 2010.

Refinancing rates moved a bit more significantly than new purchase rates Tuesday, with the 30-year refi average shedding more than a quarter of a percentage point and the 15-year refi average dropping a tenth of a point, while Jumbo 30-year rates held close to steady. The current cost to refinance with a fixed-rate loan is up to 36 basis points higher than new purchase rates.

After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of this year. 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 this fall is dramatically outdoing the summer peak, with the 30-year average having reached 1.2 percentage points above June's high.

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 7.25% -0.17
FHA 30-Year Fixed 7.13% -0.20
VA 30-Year Fixed 7.18% -0.23
Jumbo 30-Year Fixed 6.27% No change
20-Year Fixed 7.26% -0.17
15-Year Fixed 6.88% -0.05
Jumbo 15-Year Fixed 6.15% -0.12
10-Year Fixed 6.83% -0.12
10/6 ARM 7.44% +0.07
7/6 ARM 7.18% +0.05
Jumbo 7/6 ARM 5.98% No change
5/6 ARM 6.91% -0.03
Jumbo 5/6 ARM 5.93% -0.13
National Averages of Lenders' Best Rates - Refinance
Loan Type Refinance Daily Change
30-Year Fixed 7.53% -0.27
FHA 30-Year Fixed 7.39% -0.10
VA 30-Year Fixed 7.54% -0.18
Jumbo 30-Year Fixed 6.28% +0.01
20-Year Fixed 7.53% -0.27
15-Year Fixed 6.94% -0.10
Jumbo 15-Year Fixed 6.16% -0.12
10-Year Fixed 6.96% -0.12
10/6 ARM 7.35% -0.04
7/6 ARM 7.24% -0.07
Jumbo 7/6 ARM 6.06% No change
5/6 ARM 7.05% +0.11
Jumbo 5/6 ARM 5.94% -0.13

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

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 term, 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 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 have kept the mortgage market relatively low for much of this year. In particular, the Federal Reserve has been buying billions of dollars of bonds in response to the pandemic's economic pressures, and it continues to do so. This bond-buying policy (and not the more publicized federal funds rate) is a major influencer on mortgage rates.

Since June, the Fed has been reducing its balance sheet. Identical sizable reductions occurred monthly through the summer and are being accelerated in September. This is on top of its plan to reduce new bond purchases by an increment every month, the so-called taper, which began in November.

The Fed's rate and policy committee, called the Federal Open Market Committee (FOMC), meets every six to eight weeks. Their next scheduled meeting takes place November 1-2.


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.