Current Mortgage Rate Trends
In response to recent inflation data, mortgage rates experienced a slight increase last week. However, the 30-year average has now dipped slightly, with rates stabilizing at an average of 7.55%. Various mortgage types also saw minor fluctuations but remain relatively stable.
National Averages of Lenders’ Best Mortgage Rates
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.55% | 7.87% |
| FHA 30-Year Fixed | 7.33% | 7.46% |
| Jumbo 30-Year Fixed | 7.32% | 7.33% |
| 15-Year Fixed | 6.86% | 7.08% |
| 5/6 ARM | 7.94% | 8.01% |
To find the best mortgage option for you, it’s recommended to compare rates from different lenders regularly, regardless of the type of mortgage you’re seeking.
Today’s Mortgage Rate Averages: New Purchase
After a recent increase, current 30-year new purchase loan rates have slightly decreased, settling at an average of 7.55%. This brings rates just below the recent peak of 7.65%, which was the highest since November.
New purchase 15-year mortgage rates have also seen a slight reduction, currently standing at 6.86%. While this rate is higher than previous months, it remains lower than the peak of 7.59% seen last fall.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates is currently at 7.17%, showing a slight increase from last week. This rate is higher than the recent low of 6.60% recorded in mid-January.
Freddie Mac’s average varies slightly from other sources due to the way rates are calculated, including factors such as discount points on loans.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates have also seen decreases, with 30-year refi averages dropping by 7 basis points. This has narrowed the gap between new purchase and refinance rates.
Factors Influencing Mortgage Rates
Mortgage rates are influenced by various macroeconomic and industry factors, such as bond market trends, Federal Reserve policies, and competitive dynamics among lenders.
- Level and direction of the bond market, including Treasury yields
- Federal Reserve’s monetary policies and bond purchases
- Competition among lenders and loan types
These factors collectively impact mortgage rates, making it challenging to attribute rate changes to a single cause.
Stay Informed and Compare Rates
Utilize our Mortgage Calculator to estimate monthly payments and explore different loan scenarios. Keep in mind that advertised teaser rates might differ from the averages presented here, as the final rate you secure depends on various personal factors such as credit score and income.
Mortgage Rates by State
State-level variations impact mortgage rates, with states like Mississippi and Iowa offering lower rates compared to states like Minnesota and Michigan. These variations are influenced by factors like credit scores and local market conditions.
What Causes Mortgage Rates to Rise or Fall?
Due to various economic and policy factors, mortgage rates can experience fluctuations. Understanding these influences can help borrowers make informed decisions about their mortgages.
The Federal Reserve’s decisions and market conditions play a significant role in shaping mortgage rate trends. Keeping track of these factors can help you stay informed about potential changes in mortgage rates.
How We Track Mortgage Rates
Our national averages are based on rates offered by top lenders, providing an accurate representation of current market trends. These rates are reflective of what borrowers can expect based on their individual qualifications.
For state-specific rates, we consider the lowest rates offered within each state, ensuring a comprehensive overview of mortgage rate variations across different regions.
