Mortgage Rate Update: June 3, 2024
Mortgage rates experienced a slight decline on Wednesday after a recent uptick, with 30-year mortgage rates now averaging 7.54%. Various mortgage types also saw reductions in their rates, offering homeowners the opportunity to explore better mortgage options.
National Averages of Lenders’ Best Mortgage Rates
Here are the current rates for new purchase and refinancing:
| Loan Type | New Purchase Rate | Refinance Rate |
|---|---|---|
| 30-Year Fixed | 7.54% | 7.86% |
| FHA 30-Year Fixed | 7.37% | 7.72% |
| Jumbo 30-Year Fixed | 7.20% | 7.20% |
Shopping around for mortgage rates is key as rates vary among lenders. Always compare rates to secure the best mortgage deal that suits your needs.
Today’s Mortgage Rate Averages: New Purchase
30-year mortgage rates saw a decrease, now standing at 7.54%. While this is higher than earlier in the year, rates are more favorable compared to the previous months.
Additionally, other mortgage types like 15-year fixed and jumbo 30-year rates have also experienced adjustments, providing homebuyers with multiple options to explore.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average shows a rise, indicating market trends influencing mortgage rates. Understanding these averages can help consumers make informed decisions about when to lock in their rates.
Comparing our daily averages to Freddie Mac’s rates can offer insights into rate trends and fluctuations, aiding borrowers in timing their mortgage applications.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by various factors including the bond market, Federal Reserve policies, and lender competition. Understanding these factors can help borrowers navigate the complex mortgage rate landscape effectively.
Macroeconomic events play a significant role in shaping mortgage rates, with recent Fed policy changes impacting the market dynamics. Staying informed about these developments can empower borrowers to make well-informed financial decisions.
How We Track Mortgage Rates
Our national and state mortgage rate averages are based on data from top lenders, providing consumers with realistic rate expectations. It’s essential to consider individual qualifications when seeking mortgage options to ensure accurate rate comparisons.
For the most up-to-date rates and personalized quotes, consult with lenders to understand your specific borrowing options.
