30-year mortgage rates have fallen for four consecutive days, reaching a five-week low.
Today’s Mortgage Rate Trends: New Purchase and Refinancing
In the past four days, 30-year mortgage rates have seen a significant drop, reaching a new low of 7.82%, the lowest level since late September. Rates for both new purchase and refinancing loans have decreased, providing opportunities for potential borrowers to secure favorable mortgage options.
National Averages of Lenders’ Best Rates
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.82% | 8.05% |
| FHA 30-Year Fixed | 7.46% | 7.71% |
Today’s Mortgage Rate Averages: New Purchase
The 30-year mortgage rate has continued its downward trend, dropping by 10 basis points, resulting in a four-day decline of 46 basis points. This reduction to 7.82% marks a significant decrease from recent highs and presents an advantageous time for potential homebuyers.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates have also experienced notable decreases, with double-digit basis point declines across various loan types. The 30-year refinance average saw a reduction of 15 basis points, aligning more closely with new purchase rates.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by a multitude of factors, including bond market performance, Federal Reserve policies, and lender competition. Understanding these dynamics can help borrowers make informed decisions in a fluctuating market.
Lowest Mortgage Rates by State
Mortgage rates vary by state due to regional credit profiles, loan types, and lender strategies. States like Vermont and North Carolina offer lower new purchase rates, while others like Oregon and Nevada have higher averages.
Methodology
The national average rates are based on data from top lenders, reflecting standard loan scenarios. State-specific rates consider varying credit scores and loan structures, providing a comprehensive view of mortgage rate trends.
