Mortgage Rates Fall for a Third Week;
30-Year Jumbo Leads With −0.141 pts to 6.163%
Week Ending April 20, 2026

Eight of nine products declined this week as mortgage rates extended their three-week retreat. The 30-year jumbo posted the steepest drop at −0.141 points; the benchmark 30-year fixed fell to 6.118%. Only the 3/1 ARM bucked the trend.

📊 Full week-over-week data for all 9 loan products — drawn from 2,539 verified rate quotes across 1,329 institution-product combinations.

NATIONAL — National mortgage rates declined for a third consecutive week for the period ending April 20, 2026, with 8 of 9 tracked products posting losses. The benchmark 30-year fixed fell to 6.118% — a drop of 0.058 percentage points from last week’s 6.176% — and has now shed 0.274 points over three weeks from the 6.392% recorded the week of March 29. This week’s headline move came from the jumbo segment, with the 30-year jumbo posting the steepest decline at −0.141 points to 6.163%. The 3/1 conventional ARM was the sole product to move higher, gaining 0.048 points.

Fixed-rate conventional products continued their steady retreat. The 30-year fixed fell 0.058 points to 6.118%, marking its third consecutive weekly decline. The 15-year fixed dropped 0.039 points to 5.727%. The spread between the two products held at 0.391 percentage points. For borrowers tracking affordability, the 30-year fixed has fallen 0.274 points over three weeks — a cumulative move that meaningfully reduces monthly payments on a typical conforming loan.

The ARM segment was split this week. The 3/1 conventional ARM bucked the trend, rising 0.048 points to 5.743% — the week’s only gainer and a reversal after two weeks of flat-to-down movement. The 5/1 ARM edged down 0.010 points to 5.769%, and the 7/1 ARM fell 0.029 points to 5.861%. The ARM-to-fixed spread on the 5/1 versus the 30-year fixed sits at −0.349 percentage points — a narrower advantage than recent weeks as fixed rates have fallen faster than ARM rates over the past two weeks.

Jumbo products led the week in absolute movement. The 30-year jumbo dropped 0.141 points to 6.163% — the week’s steepest decline — compressing the jumbo-to-conforming spread to just 0.045 percentage points, well below historical norms and a continuation of the tight jumbo pricing seen throughout this cycle. The 15-year jumbo fell 0.082 points to 5.772%, now sitting just 0.045 points above the 15-year fixed at 5.727%.

Government-backed products declined more moderately this week after last week’s sharp moves. FHA loans dropped 0.064 points to 5.797%, and VA loans eased just 0.009 points to 5.885% — a much smaller move than last week’s −0.146 drop. FHA now sits 0.088 points below the VA rate, a gap that has widened over the past two weeks. Both government products remain priced well below the 30-year conventional fixed, reinforcing their value for eligible borrowers in the current rate environment.

A third consecutive week of broad mortgage rate declines is an unusual run, and the cumulative move is now large enough to matter to borrowers. The 30-year fixed has fallen 0.274 points since the week of March 29 — a move driven primarily by the tariff-related Treasury yield volatility that began in early April 2026. As 10-year Treasury yields fell on flight-to-safety demand, mortgage rates followed with a roughly 1-to-2 week lag. The jumbo market’s outsized move this week (−0.141 points versus −0.058 for the conforming 30-year) reflects how jumbo pricing — which is held on bank balance sheets rather than securitized — can reprice in larger discrete steps as institutions adjust their internal funding appetites.

The near-complete compression of the jumbo-to-conforming spread, now just 0.045 points, is historically tight and worth watching. In normal markets, jumbos carry a premium of 0.25–0.50 points over conforming loans to compensate for the lack of GSE backing. The current near-parity suggests elevated bank appetite for high-balance portfolio loans — but spreads this narrow don’t tend to persist. Borrowers in jumbo territory who are weighing timing should note that this spread could widen again quickly if bank funding conditions shift. Track how rates across all 9 products evolve week to week on the national mortgage rate trends page.