Rates on 30-year mortgages continue to fall. With another big drop Wednesday, the 30-year mortgage average is down to 7.28%, its lowest reading since mid-summer. Rates for almost every other loan type also moved lower Wednesday.
Since rates vary widely across lenders, 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.
Today's Mortgage Rate Averages: New Purchase
Rates on 30-year new purchase mortgages sank 12 basis points Wednesday, extending their downward slide of the last three-plus weeks. Dropping to 7.28%, the 30-year average is now at its cheapest level since July 26. Also notable is that the current reading is 1.17 percentage points lower than the historic 23-year peak average of 8.45%, which we saw on Oct. 17.
Rates on 15-year new purchase loans also dropped. Subtracting 9 basis points to land at a 6.67% average, 15-year rates are now also at their lowest price since July. In contrast, October saw 15-year loan rates surge to a 7.59% peak, the highest average since 2000.
The jumbo 30-year average marked time for an eighth day Wednesday, after falling substantially before that. Holding at 6.69%, jumbo 30-year rates are at their lowest level since August. Though daily historical jumbo rates are not available before 2009, it's estimated that the 7.52% peak in October was the most expensive average for jumbo 30-year loans in more than 20 years.
The only new purchase averages that did not drop Wednesday were for jumbo products, while the FHA 30-year, 5/6 ARM and 10/6 ARM averages saw the biggest declines of the day.
Today's Mortgage Rate Averages: Refinancing
Refinancing rates moved largely in line with new purchase rates Wednesday. The 30-year refi average shed 13 basis points, sinking to 7.82%. That leaves the spread between 30-year new purchase and refi rates at 54 basis points, which continues to be atypically wide. Refi rates for 15-year loans dropped by a modest 4 basis points, while the jumbo 30-year and jumbo 15-year refi averages again held firm.
Wednesday's biggest refi rate mover was VA 30-year loans, which plummeted almost a half percentage point. The 20-year refi average also saw a notable drop, of 20 basis points. Several other refi averages were flat or showed minimal movement.
