The Latest Mortgage Rate Trends and Updates
Current mortgage rates saw slight decreases on Wednesday, following a recent trend of fluctuation. While rates remain slightly below recent highs, there have been notable shifts across different mortgage types. The 30-year new purchase average dropped a few basis points to 7.33%, approaching a five-month peak seen last week.
Editor’s Note
Starting from yesterday, our daily mortgage rate averages are now based on data from Zillow Group Marketplace. This change in our data source means that the averages may not directly align with previous published rates before May 1, 2024. All historical data and analysis in this article and future articles will be derived from this new data source.
National Rate Averages for Top Mortgage Types
The national averages for rates offered by over 40 lenders, with a down payment of at least 20% and a credit score ranging from 680 to 739, showcase the current landscape of mortgage rates.
Shopping Around for the Best Mortgage Rates
Given the variation in rates across different lenders, it is advisable to compare options and track rates regularly, regardless of the type of mortgage you are seeking.
Today’s Mortgage Rate Averages: New Purchase
Following a recent spike in response to inflation data, rates for 30-year new purchase mortgages have slightly decreased. The current average stands at 7.33%, not far from the peak observed last week.
Compared to early February, rates for 30-year mortgages have seen a significant increase. However, they are still notably lower than the historic peak seen in October.
Additionally, 15-year mortgage rates have also decreased slightly, providing potential opportunities for homebuyers looking for shorter loan terms.
The Weekly Freddie Mac Average
Every Thursday, Freddie Mac releases a weekly average of 30-year mortgage rates. The recent reading shows a modest increase to 7.22%, marking a high point since late November.
It’s important to note that Freddie Mac’s methodology for calculating averages differs from other sources, impacting the reported rates.
Today’s Mortgage Rate Averages: Refinancing
Refinancing averages experienced notable changes on Wednesday, with some rates dropping while others increased. Understanding these fluctuations can help borrowers make informed decisions when considering refinancing options.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by various factors, including the bond market, Federal Reserve policies, and competition among lenders.
The Impact of Macroeconomic Factors
Macroeconomic conditions, including actions taken by the Federal Reserve, play a significant role in shaping mortgage rates. Understanding these factors can provide insights into the broader economic landscape.
How We Track Mortgage Rates
Our national rate averages are based on data from Zillow Group Marketplace, offering a comprehensive view of mortgage rate trends. By considering key parameters such as loan-to-value ratio and credit score, we provide an accurate representation of the current mortgage rate environment.
