Today, the mortgage interest rate on a 30-year fixed mortgage is 6.98%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 6.05%. On a 30-year jumbo mortgage, the average rate is 7.

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Rewinding further, the 30-year average notched a high 7.37% last spring, so today's rates are significantly improved vs. 10 months ago. They're also almost 1.2 percentage points cheaper than the historic 23-year peak of 8.01% reached in October 2023.