Current Mortgage Rate Trends
The average rate for 30-year mortgages fell to 7.05% on Monday, the lowest level since early April. Rates for various mortgage types also saw slight decreases.
Editor’s Note: As of May 1, mortgage rate averages are now based on data from the Zillow Mortgage API. Prior data may not directly align with current averages. Historical data and analysis have been updated accordingly.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.05% | 7.40% |
| FHA 30-Year Fixed | 6.91% | 6.60% |
Due to the variation in rates among lenders, it’s advisable to compare mortgage options regularly to find the best deal for your home loan, regardless of the type.
Today’s Mortgage Rate Averages: New Purchase
Rates for 30-year new purchase loans dropped to 7.05%, the lowest in five weeks, following a recent decline.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates fell to 7.09%, down 13 basis points from the previous week.
Today’s Mortgage Rate Averages: Refinancing
Refinance rates also saw movements, with the 30-year average dropping by 8 basis points and the 15-year average decreasing by 4 basis points.
Use our Mortgage Calculator to estimate monthly payments for various loan scenarios.
Mortgage Rates By State
Mortgage rates can vary by state due to factors like credit scores, loan types, and lender strategies.
States with the lowest rates included New York, Alaska, North Carolina, Texas, and California, while the highest rates were in West Virginia, Washington, D.C., Hawaii, and others.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by various economic and industry factors, such as bond market trends, Federal Reserve policies, and lender competition.
How We Track Mortgage Rates
National and state averages presented are based on the Zillow Mortgage API data, reflecting an 80% loan-to-value ratio and a credit score range of 680–739. These rates provide a realistic expectation for customers seeking quotes from lenders.
