30-Year Mortgage Rates Pull Back

Today's Mortgage Rates & Trends - March 28, 2024

By HILAREY GOULD

Hilarey Gould

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Hilarey Gould has over a decade of journalism experience, with expertise in editing, content strategy, SEO, social media, and more. She is currently the Senior Editorial Director, Financial Products and Services, at Investopedia, and has held editorial roles at The Balance, Bankrate, SmartAsset, and realtor.com. Hilarey has a master's in journalism from the University of Missouri.

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 Updated March 28, 2024

Rates on 30-year purchase mortgages fell back a little on Wednesday to 7.16%, losing 3 basis points after gaining 7 basis points earlier this week. The flagship rate was not the biggest mover though: the FHA 30-year mortgage rate average dropped 15 basis points to land at 6.98%—the first time it has been below 7.00% in seven weeks. All but one new purchase mortgage rate fell or remained unchanged on Wednesday.

National Averages of Lenders' Best Mortgage Rates

Loan Type New Purchase Refinance

30-Year Fixed 7.16% 7.47%

FHA 30-Year Fixed 6.98% 7.51%

Jumbo 30-Year Fixed 6.82% 6.83%

15-Year Fixed 6.46% 6.74%

5/6 ARM 7.75% 7.84%

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.

Rates vary widely across lenders, so it's always smart to shop around for your best mortgage option and compare rates regularly no matter the type of home loan you seek.

Compare the Best Mortgage Rates Today - March 28, 2024

Today's Mortgage Rate Averages: New Purchase

Rates on 30-year new purchase mortgages dropped 3 basis points on Wednesday, just one day after rising 6 basis points. The flagship rate is now back to where it was two weeks ago, and still 29 basis points lower than its recent high of 7.45% on Friday, March 15.

The 30-year rate average is still far from its recent drop into 6.00% territory, which we saw at the start of February. Nevertheless, mortgage rates are still well off the records seen in October, when the 30-year average notched a historic 23-year peak of 8.45%.

The biggest mover on Wednesday was the FHA 30-year mortgage rate. FHA loans often appeal to first-time homebuyers due to the lower down payment and credit score requirements. The FHA 30-year rate dropped to 6.98% on Wednesday, 15 basis points lower from the day before, and the first time it's sunk below 7.00% in seven weeks.

The jumbo 30-year fixed rate average and the jumbo 7/6 ARM average both dropped 13 basis points, making them the second biggest movers on Wednesday. Although daily historical jumbo rates were not available before 2009, it's estimated the 7.52% peak reached last October was the most expensive jumbo 30-year average in more than 20 years.

All other new purchase mortgage rates inched slightly lower or were unchanged, except for one: the VA 30-year mortgage rate average rose 3 basis points on Wednesday.

National Averages of Lenders' Best Rates - New Purchase

Loan Type New Purchase Rates Daily Change

30-Year Fixed 7.16% -0.03

FHA 30-Year Fixed 6.98% -0.15

VA 30-Year Fixed 6.86% +0.04

Jumbo 30-Year Fixed 6.82% -0.13

20-Year Fixed 6.95% -0.02

15-Year Fixed 6.46% -0.06

FHA 15-Year Fixed 6.79% No Change

Jumbo 15-Year Fixed 6.78% No Change

10-Year Fixed 6.39% -0.03

10/6 ARM 7.49% -0.01

7/6 ARM 7.61% -0.01

Jumbo 7/6 ARM 6.45% -0.13

5/6 ARM 7.75% No Change

Jumbo 5/6 ARM 6.55% No Change

The Weekly Freddie Mac Average

Every Thursday afternoon, Freddie Mac publishes a weekly average of 30-year mortgage rates. This week's reading slipped 8 basis points to 6.79%. Back in late October, Freddie Mac's average reached a historic peak of 7.79%—its highest level in 23 years. But since then, it has come down significantly, registering a recent low of 6.60% in mid-January.

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Freddie Mac’s average differs from our own 30-year average for two notable reasons. First, Freddie Mac calculates a weekly average that blends five previous days of rates, while our Investopedia averages are daily, offering a more precise and timely indicator of rate movement. Second, the rates included in Freddie Mac's survey can include loans priced with discount points, while Investopedia’s averages only include zero-point loans.

Today's Mortgage Rate Averages: Refinancing

On Wednesday, mortgage refinancing rates were a mixed bag, with some inching up, some dropping back, and others unchanged. While the 30-year refi rate only increased 1 basis point, the most notable movers were the jumbo 30-year rate which dropped 12 basis points, and the jumbo 7/6 ARM average which fell 13 basis points. Other loan types saw slight increases or decreases or remained unchanged.

The spread between 30-year new purchase and refi rates widened again to 31 basis points. The biggest spread on Wednesday was between FHA 30-year rates: the difference between the average new purchase rate and the refi rate for FHA loans was over half a percentage point (53 basis points).

National Averages of Lenders' Best Rates - Refinance

Loan Type Refinance Rates Daily Change

30-Year Fixed 7.47% +0.01

FHA 30-Year Fixed 7.51% +0.01

VA 30-Year Fixed 7.37% +0.07

Jumbo 30-Year Fixed 6.83% -0.12

20-Year Fixed 7.25% -0.07

15-Year Fixed 6.74% -0.02

FHA 15-Year Fixed 6.93% +0.02

Jumbo 15-Year Fixed 6.77% -0.01

10-Year Fixed 6.65% -0.03

10/6 ARM 7.75% No Change

7/6 ARM 7.78% -0.03

Jumbo 7/6 ARM 6.55% -0.13

5/6 ARM 7.84% No Change

Jumbo 5/6 ARM 6.55% No Change