30-year mortgage rates have decreased even more and have reached a new low for the past 4 weeks.
Latest Mortgage Rate Trends and Insights
On Monday, the 30-year mortgage rate average dropped to 7.06%, hitting its lowest point since early April after declining for the fourth consecutive day. Rates for most other new purchase mortgage types also saw decreases, although a few showed slight increases.
Editor’s Note
Effective May 1, our mortgage rate data is sourced from the Zillow Mortgage API, utilizing a new methodology for more accurate rate reporting. Historical data and analysis in this and future articles are based on this updated data source, providing readers with the most relevant information.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.06% | 7.42% |
| FHA 30-Year Fixed | 6.75% | 6.60% |
| 15-Year Fixed | 6.15% | 5.88% |
| 5/6 ARM | 7.77% | 7.75% |
| Jumbo 30-Year Fixed | 7.01% | 6.96% |
It’s essential to compare rates across various lenders to secure the best mortgage option, given the wide variation in rates offered. Regardless of the type of home loan you’re seeking, regularly comparing rates can save you money in the long run.
Today’s Mortgage Rate Averages: New Purchase
30-year new purchase mortgage rates dropped to 7.06% on Monday, hitting a four-week low after a consecutive four-day decline, offering borrowers more affordable options compared to recent averages.
Meanwhile, 15-year new purchase rates also decreased to 6.15% on Monday, reflecting a significant drop from previous highs and presenting an attractive option for potential homeowners.
Jumbo 30-year rates fell to 7.01% on Monday, providing borrowers with a more affordable jumbo loan option compared to recent peaks, potentially saving them thousands over the life of the loan.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates also saw decreases on Monday, with significant drops in 30-year refi averages, lowering the gap between new purchase and refi rates. Borrowers looking to refinance can take advantage of these more favorable rates.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by a variety of factors, including bond market performance, the Federal Reserve’s monetary policies, and competition among lenders. Understanding these factors can help borrowers anticipate rate movements and make informed decisions.
Macroeconomic events, such as the Federal Reserve’s bond-buying policies and interest rate adjustments, have a significant impact on mortgage rates. Staying informed about these developments can help borrowers navigate the shifting mortgage rate landscape.
Mortgage Rates by State
Mortgage rates can vary by state due to regional factors like credit scores, loan types, and lender risk strategies. Borrowers should consider state-specific trends when evaluating mortgage options to secure the best rates.
