Mortgage Rate Trends: A Comprehensive Analysis
The latest data reveals an upward trajectory in 30-year new purchase mortgage rates after a brief dip. Following a Tuesday increase, the average rate now stands at 7.36%, nearly matching the five-month high seen the prior week. Rates across various mortgage types also experienced an increase, with some witnessing double-digit jumps.
Editor’s Note
Commencing today, our daily mortgage rate averages are sourced from Zillow Group Marketplace. This shift in data origin and methodology means that the averages may not directly align with previous figures before May 1, 2024. All historical data and analyses going forward will be based on this new data source.
National Rate Averages for Top 5 Mortgage Types
Given the significant variation in rates offered by different lenders, it is advisable to consistently compare mortgage options to secure the best rate across all types of home loans.
Today’s Mortgage Rate Averages: New Purchase
Following a recent increase, 30-year new purchase rates have rebounded to 7.36%, nearing the previous week’s peak of 7.37%. While current rates are higher compared to early February’s lows, they remain below last year’s historic high of 8.01%.
Additionally, 15-year new purchase mortgage rates also experienced a climb, reaching 6.51%. Despite this increase, today’s rates are notably lower than the peak seen in the fall of 2023.
Jumbo 30-year rates inched closer to their recent high, currently standing at 7.28%. While historical jumbo rates are limited before 2009, the peak rate observed last year marked a two-decade high.
Most other new purchase averages saw minor increases, except for a few exceptions where rates saw a decline.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates stood at 7.17%, reflecting the highest level since late November. Notably, the consistent fluctuations underscore the influence of various factors on mortgage rate movements.
It is vital to note that the methodology and criteria for calculating rates can vary between Freddie Mac’s averages and other sources, including ours at Investopedia.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates saw an overall increase, with notable movements in various categories. Understanding these fluctuations is crucial for borrowers considering a refinance option.
The daily changes in refi rates highlight the dynamic nature of the mortgage market, requiring borrowers to stay informed and vigilant.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by a multitude of macroeconomic and industry-specific factors, making it challenging to pinpoint a single cause for rate fluctuations.
In recent years, shifts in Federal Reserve policies and economic conditions have played a significant role in driving mortgage rate movements.
Mortgage Rates by State
The geographic location of borrowers can also impact the rates they receive, influenced by regional differences in credit scores, loan types, and lender strategies.
Understanding state-level variations can provide valuable insights for borrowers seeking to secure the most favorable mortgage rates based on their location.
How We Track Mortgage Rates
Our calculations are based on data from Zillow Group Marketplace, offering a representative view of what borrowers can expect based on their qualifications. It is crucial for borrowers to consider these averages in the context of their individual financial profiles when seeking a mortgage loan.
