Mortgage Rates Hit New Record High for 2023: 30-Year Rates at 8.099%

Mortgage rates have increased again this week to new highs in 2023 and the highest levels in over 20 years. A stark contrast to the all-time lows experienced just a couple years ago. 30-year conforming mortgage rates have soared to a staggering average just above 8.00%, current 30-year rates are at 8.099%. Jumbo loans for the same 30-year term are slightly lower rate of 7.953%. These two-decade new highs have resulted in a big upheaval in the mortgage market, posing challenges and considerations for both new homebuyers, home sellers and those looking to refinance.

15-Year Mortgage Rates See Dramatic Uptick

The financial landscape for 15-year fixed conforming loans has also been radically altered. Rates for these shorter-term loans have climbed to an eye-popping 7.269%. I remember back in 2012, I refinanced a 30-year mortgage to a 15-year mortgage with a fixed rate of 2.75%!

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #78669

5.385%

15-Year Fixed

5.125%

$7,042

Includes 0.656 points for $2,624

Lender Fees: $4,418

$3,190 /mo

Next >

NMLS #1067

5.514%

15-Year Fixed

5.375%

$3,624

Includes 0.906 points for $3,624

Lender Fees: $0

$3,242 /mo

Next >

NMLS #401822

5.516%

15-Year Fixed

5.250%

$7,000

Includes 0.750 points for $3,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #1835285

5.526%

15-Year Fixed

5.375%

$3,956

Includes 0.989 points for $3,956

Lender Fees: $0

$3,242 /mo

Next >

NMLS #2578474

5.551%

15-Year Fixed

5.375%

$4,606

Includes 0.889 points for $3,556

Lender Fees: $1,050

$3,242 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.556%

15-Year Fixed

5.375%

$4,909

Includes 0.739 points for $2,956

Lender Fees: $1,953

$3,242 /mo

Next >

NMLS #757416

5.592%

15-Year Fixed

5.490%

$2,652

Includes 0.663 points for $2,652

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.627%

15-Year Fixed

5.490%

$3,572

Includes 0.718 points for $2,872

Lender Fees: $700

$3,267 /mo

Next >

NMLS #78669

5.796%

5-Year ARM

5.625%

$7,746

Includes 0.832 points for $3,328

Lender Fees: $4,418

$2,303 /mo

Next >

NMLS #78669

6.295%

30-Year Fixed

6.125%

$7,454

Includes 0.759 points for $3,036

Lender Fees: $4,418

$2,431 /mo

Next >

NMLS #1835285

6.344%

30-Year Fixed

6.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,463 /mo

Next >

NMLS #2578474

6.360%

30-Year Fixed

6.250%

$4,650

Includes 0.900 points for $3,600

Lender Fees: $1,050

$2,463 /mo

Next >

NMLS #757416

6.437%

30-Year Fixed

6.375%

$2,596

Includes 0.649 points for $2,596

Lender Fees: $0

$2,496 /mo

Next >

NMLS #1067

6.451%

30-Year Fixed

6.375%

$3,208

Includes 0.802 points for $3,208

Lender Fees: $0

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.501%

5-Year ARM

6.375%

$5,501

Includes 0.887 points for $3,548

Lender Fees: $1,953

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.511%

30-Year Fixed

6.375%

$5,897

Includes 0.986 points for $3,944

Lender Fees: $1,953

$2,496 /mo

Next >

NMLS #1025894

6.569%

30-Year Fixed

6.490%

$3,296

Includes 0.649 points for $2,596

Lender Fees: $700

$2,526 /mo

Next >

NMLS #1835285

6.587%

5-Year ARM

6.500%

$3,624

Includes 0.906 points for $3,624

Lender Fees: $0

$2,529 /mo

Next >

NMLS #399799

6.595%

30-Year Fixed

6.500%

$4,108

Includes 0.695 points for $2,780

Lender Fees: $1,328

$2,529 /mo

Next >

NMLS #401822

6.620%

30-Year Fixed

6.500%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$2,529 /mo

Next >

NMLS #3030

6.764%

15-Year Fixed

6.625%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,512 /mo

Next >

NMLS #3030

7.350%

30-Year Fixed

7.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,729 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

An even more dramatic uptick this week is on the 15-year fixed jumbo rate, current mortgage rates on 15-year jumbo loans reach 7.690%, up from the prior week's average rate of 7.36%.

No Escape from Rising Adjustable-Rate Mortgages

There's no respite when it comes to adjustable-rate mortgages (ARMs) either. The 5/6 ARM conforming SOFR rate has also climbed to significant highs, currently sitting at 7.296%. For those considering a jumbo ARM, the 5/6 SOFR rate is hovering at a close 7.500%.

A Nostalgic Look Back at Previous Record Lows

Back in September, 2021, it was an entirely different story. Mortgage rates had hit all-time lows, with 30-year rates dipping to just 2.77%. The 15-year rates had also sunk to an unprecedented low of 2.10%. Even ARMs had more to offer, with 5-year rates at a mere 2.45%.

Implications for Potential Homebuyers and Homeowners Considering Refinancing

The current stratospheric rise in mortgage rates has killed demand for mortgages. Both potential homebuyers, and current homeowners mulling selling and buying a new home, are on the fence because of current mortgage rates make homes a lot more expensive as far as monthly carrying costs.

How to Keep Tabs on Soaring Mortgage Rates

If you're keen on keeping yourself updated with these fast-changing mortgage rates, the good news is that you can easily consult the most recent figures. You don't even need to provide personal information to gain access to this crucial data, just use our loan tables at MonitorBankRates, just visit Mortgage Rates Today page to stay updated.