The Latest Mortgage Rate Trends
Thursday saw a slight dip in 30-year purchase mortgage rates to 7.15%, decreasing by one basis point following a small rise earlier in the week. Noteworthy was the FHA 30-year mortgage rate, ticking up to 7.05% after a prior drop, marking the first time in seven weeks that it fell below 7.00%. Other new purchase mortgage rates showed mixed movements on the same day.
National Averages of Lenders’ Best Mortgage Rates
Mortgage rates can vary significantly among lenders. It is advisable to shop around for the best mortgage rates and regularly compare them, regardless of the type of home loan you are seeking.
Take advantage of comparing the Best Mortgage Rates as of Today – March 29, 2024
Current New Purchase Mortgage Averages
The 30-year new purchase mortgage rates saw a slight decrease on Thursday, continuing a downward trend started the day before, settling at 7.15%. This rate is now 30 basis points lower compared to the recent peak of 7.45% on March 15.
While current rates remain above the 6.00% mark observed in February, they are notably lower than the historic peak of 8.45% seen in October. The most significant rate change on Thursday was with the VA 30-year fixed rate mortgage, dropping by 9 basis points.
Weekly Freddie Mac Average
Freddie Mac’s weekly average 30-year mortgage rate slipped by 8 basis points to 6.79%. This decline contrasts with the historic peak of 7.79% in late October. Freddie Mac’s methodology differs slightly from other averages by blending rates from the previous five days.
What Influences Mortgage Rates
Various factors impact mortgage rates, including the bond market’s performance, the Federal Reserve’s monetary policy, lender competition, and prevailing economic conditions.
National Averages of Lenders’ Best Rates – New Purchase
To calculate monthly payments based on different loan scenarios, use our Mortgage Calculator for assistance.
Mortgage Rates Across States
Mortgage rates can vary by state due to differences in credit scores, loan types, and lenders’ individual risk management strategies. Rhode Island, Vermont, and Hawaii had the lowest 30-year new purchase rates, while Minnesota, Kentucky, Arizona, Arkansas, and Nevada had higher averages.
Factors Affecting Rate Fluctuations
The Federal Reserve’s bond-buying policies heavily influence mortgage rates, with recent rate increases due to measures taken to combat inflation. The Fed’s actions signal potential rate cuts in 2024, as indicated by the latest “dot plot” forecast.
Understanding Mortgage Rate Trends
Our national averages are based on rates provided by over 200 top lenders, offering insights on what to expect when seeking mortgage quotes based on your qualifications rather than advertised teaser rates.
