The 30-year fixed mortgage rate reached a new peak of 7.39% this week, eclipsing the previous record of 7.33% set last November. Most fixed and adjustable mortgage rates continued to march higher on the heels of recent employment and inflation reports, which highlight resilient U.S. economic conditions.
Mortgage interest rates are widely expected to fall through 2023 but have remained elevated during the first half of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of July 13:
- 30-year fixed: 7.39% (up from 7.26% a week ago).
- 20-year fixed: 7.44% (up from 7.32% a week ago).
- 15-year fixed: 6.68% (up from 6.61% a week ago).
- 10-year fixed: 6.73% (down from 6.79% a week ago).
- 5/1 ARM: 6.23% (up from 6.12% a week ago).
- 7/1 ARM: 6.46% (up from 6.25% a week ago).
- 10/1 ARM: 6.61% (up from 6.5% a week ago).
- 30-year jumbo loans: 7.43% (up from 7.31% a week ago).
- 30-year FHA loans: 6.61% with 0.05 point (up from 6.51% a week ago).
- VA purchase loans: 6.78% with 0.05 point (up from 6.69% a week ago).
Colorado homebuyers can get mortgage access and help with down payments and closing costs from these programs.
- Available to: Homebuyers using a Colorado Housing and Finance Authority loan program.
- Income limits: Vary by county (see CHFA income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Up to 3% of your first mortgage; no repayment is required.
- Available to: Homebuyers using a CHFA loan program.
- Income limits: Vary by county (see CHFA income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Up to 4% of your first mortgage. Repayment of loan balance is deferred until you pay off your first mortgage, sell or refinance your home.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks: