Mortgage Rate Update
As of March 3, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.89%.
As of March 3, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.89%.
Mortgage rates fall on uptick in Treasury bond demand
“Mortgage rates fell this week as investors continue to gauge the path forward for the market,” said Zillow Economist Matthew Speakman. “Investors’ shifting expectations for inflation vaulted bond yields to multi-month highs in late February and pushed up mortgage rates about half a percentage point in a month – a remarkable increase. While this upward pressure remains in place, demand for U.S. Treasuries improved this week as some investors weighed the validity of these concerns about inflation. Mortgage rates followed suit, falling sharply in the first couple days in March. But despite this week’s decrease, the outlook for mortgage rates appears to have shifted from even just a few weeks ago. While the frenzy of late February is now behind us, the upward pressure on mortgage rates is likely to remain as the economy shows more signs of improvement and the vaccine rollout continues to exceed expectations. That said, the pace of this upward momentum is far from certain – negative pandemic-related developments or surprisingly weak February jobs numbers are two factors that could keep mortgage rates in check or even nudge them back downward.”
Additionally, the 15-year fixed mortgage rate was 2.26%, and for 5/1 ARMs, the rate was 2.39%.
Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.
The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:
Today's Average Rates for Conventional Loans
| Program | Interest Rate | APR | 1 Wk Change |
|---|---|---|---|
| 30-Year Fixed | 3.07% | 3.13% | -0.04% |
| 20-Year Fixed | 2.67% | 2.75% | 0.23% |
| 15-Year Fixed | 2.34% | 2.44% | -0.01% |
| 10-Year Fixed | 2.11% | 2.25% | 0.1% |
| 7/1 ARM | 3.97% | 4.04% | -0.9% |
| 5/1 ARM | 3.54% | 3.87% | -0.83% |
| 3/1 ARM | 0% | 0% | 0% |
A 30-Year Fixed loan of $300,000 at 3.07% APR with a $75,000 down payment will have a monthly payment of $1,276. A 20-Year Fixed loan of $300,000 at 2.67% APR with a $75,000 down payment will have a monthly payment of $1,614. A 15-Year Fixed loan of $300,000 at 2.34% APR with a $75,000 down payment will have a monthly payment of $1,977. A 10-Year Fixed loan of $300,000 at 2.11% APR with a $75,000 down payment will have a monthly payment of $2,774. A 7/1 ARM loan of $300,000 at 3.97% APR with a $75,000 down payment will have a monthly payment of $1,427. A 5/1 ARM loan of $300,000 at 3.54% APR with a $75,000 down payment will have a monthly payment of $1,354. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today's Average Rates for Government Loans
| Program | Interest Rate | APR | 1 Wk Change |
|---|---|---|---|
| 30-Year Fixed FHA | 2.31% | 3.01% | 0.14% |
| 30-Year Fixed VA | 2.61% | 2.85% | 0.15% |
| 15-Year Fixed FHA | 2.22% | 2.95% | -0.06% |
| 15-Year Fixed VA | 2.37% | 2.8% | 0.19% |
| 5/1 ARM FHA | 3.24% | 3.32% | -0.04% |
| 5/1 ARM VA | 2.85% | 2.62% | 0.09% |
A 30-Year Fixed FHA loan of $300,000 at 2.31% APR with a $75,000 down payment will have a monthly payment of $1,156. A 30-Year Fixed VA loan of $300,000 at 2.61% APR with a $75,000 down payment will have a monthly payment of $1,202. A 15-Year Fixed FHA loan of $300,000 at 2.22% APR with a $75,000 down payment will have a monthly payment of $1,960. A 15-Year Fixed VA loan of $300,000 at 2.37% APR with a $75,000 down payment will have a monthly payment of $1,981. A 5/1 ARM FHA loan of $300,000 at 3.24% APR with a $75,000 down payment will have a monthly payment of $1,304. A 5/1 ARM VA loan of $300,000 at 2.85% APR with a $75,000 down payment will have a monthly payment of $1,240. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today's Average Rates for Jumbo Loans
| Program | Interest Rate | APR | 1 Wk Change |
|---|---|---|---|
| 30-Year Fixed Jumbo | 3.22% | 3.27% | 0.15% |
| 20-Year Fixed Jumbo | 3.88% | 3.95% | -0.18% |
| 15-Year Fixed Jumbo | 3% | 3.08% | 0.16% |
| 10-Year Fixed Jumbo | 3.38% | 3.71% | 0.19% |
| 7/1 ARM Jumbo | 2.63% | 2.83% | 0.29% |
| 5/1 ARM Jumbo | 2.39% | 2.73% | 0.3% |
| 3/1 ARM Jumbo | 2.14% | 2.74% | 0% |
A 30-Year Fixed Jumbo loan of $600,000 at 3.22% APR with a $150,000 down payment will have a monthly payment of $2,602. A 20-Year Fixed Jumbo loan of $600,000 at 3.88% APR with a $150,000 down payment will have a monthly payment of $3,599. A 15-Year Fixed Jumbo loan of $600,000 at 3% APR with a $150,000 down payment will have a monthly payment of $4,143. A 10-Year Fixed Jumbo loan of $600,000 at 3.38% APR with a $150,000 down payment will have a monthly payment of $5,898. A 7/1 ARM Jumbo loan of $600,000 at 2.63% APR with a $150,000 down payment will have a monthly payment of $2,409. A 5/1 ARM Jumbo loan of $600,000 at 2.39% APR with a $150,000 down payment will have a monthly payment of $2,336. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
