Inflation Tracker: 30-Year Fixed Mortgage Rates Hits 6.875%

The 30-year fixed mortgage rate hit 6.875% on Monday. The current rate is two percentage points higher than last month.

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This is the highest 30-year rate since 2002.

The rate is based on having a pretty good credit score and putting 20% down on the purchase. reported:

Rates for most other loan categories increased as well, although not quite so dramatically. The average rate on a 15-year fixed-rate loan, however, moved lower.

  • The latest rate on a 30-year fixed-rate mortgage is 6.875%. ⇑
  • The latest rate on a 15-year fixed-rate mortgage is 5.143%. ⇓
  • The latest rate on a 5/1 ARM is 4.258%. ⇑
  • The latest rate on a 7/1 ARM is 4.414%. ⇑
  • The latest rate on a 10/1 ARM is 4.49%. ⇑

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac’s weekly rates will generally be lower since they measure rates offered to borrowers with higher credit scores.

Jim Hoft