New Purchase Mortgage Rates: Overview and Analysis
On Wednesday, new purchase mortgage rates saw a slight uptick, with 30-year fixed rates averaging around 7.10%. While there was a modest increase across nearly all mortgage types, the rates remain near their lowest levels over the past month.
Editor’s Note
Effective May 1, our daily mortgage rate averages are sourced from the Zillow Mortgage API. Due to this switch in data source and methodology, the current averages may not directly match those from before May 1, 2024. All historical data and analyses provided here are based on this new data source.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.10% | 7.32% |
Given the significant variance in rates among lenders, it is advisable to compare mortgage options regularly, regardless of the loan type you are seeking.
Today’s Mortgage Rate Averages: New Purchase
30-year new purchase loan rates saw a slight increase, reaching 7.10% on Wednesday. This is still close to the one-month low and below the peak seen in April.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates decreased to 7.09% on Thursday, marking a decline from previous figures. Understanding the key differences between ours and Freddie Mac’s rate calculations is crucial for making well-informed financial decisions.
Today’s Mortgage Rate Averages: Refinancing
Mortgage Rates by State
What Causes Mortgage Rates to Rise or Fall?
How We Track Mortgage Rates
The national and state averages are obtained from the Zillow Mortgage API, assuming specific borrower criteria. These rates provide an indicative view of what borrowers might expect when exploring mortgage options.
