National Mortgage Rate Averages Overview
On Wednesday, 30-year mortgage rates dipped below 7%, hitting 6.84%, the lowest in seven weeks. This decrease was mirrored across various mortgage types, offering favorable borrowing opportunities.
Editor’s Note
Effective May 1, we have transitioned to Zillow Mortgage API for our daily rate averages, marking a change in data source and calculation methodology. Therefore, our current data may not directly correspond with previous figures. All analysis in this and forthcoming articles is based on this updated data source.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 6.84% | 7.39% |
| FHA 30-Year Fixed | 6.91% | 6.60% |
Due to rate disparities among lenders, it’s advisable to compare mortgage options regularly for the most favorable terms, irrespective of the loan type.
Today’s Mortgage Rate Averages: New Purchase
New purchase 30-year mortgage rates dropped to 6.84%, the first time below 7% since early April, offering borrowers the most competitive rates since March 29. This downward trend is evident across various loan types.
Additionally, 15-year new purchase mortgage rates declined significantly to 6.01%, hitting their lowest point since late March.
Jumbo 30-year rates also saw a decrease to 7.02%, notably lower than the peak observed last fall. Historically, jumbo rates have remained on a downward trajectory compared to previous years.
The Weekly Freddie Mac Average
Freddie Mac’s weekly 30-year mortgage rate average decreased by 7 basis points to 7.02%, indicating a second consecutive week of declines. This average is influenced by a blend of rates over the past five days and provides insights into broader rate trends.
It’s important to note the variance between our daily rate reports and Freddie Mac’s averages due to differences in calculation methods and loan inclusion criteria.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates experienced moderate changes on Wednesday, with slight decreases in key categories. Comparing new purchase and refinance rates can help borrowers make informed decisions based on their individual financial goals.
Mortgage Rates by State
State-specific factors influence mortgage rates, leading to regional variations. Identifying states with the most competitive rates can aid borrowers in optimizing their borrowing options.
What Causes Mortgage Rates to Rise or Fall?
An array of macroeconomic and industry dynamics impact mortgage rates, making them susceptible to fluctuations driven by factors such as bond market movements, Federal Reserve policies, and lender competition.
Recent changes in Fed policies and economic conditions have contributed to the volatility of mortgage rates, emphasizing the importance of tracking market trends for informed decision-making.
How We Track Mortgage Rates
Our national and state rate averages are sourced from the Zillow Mortgage API, reflecting a standardized set of borrower criteria. These rates serve as indicative benchmarks, with actual loan offers subject to individual qualifications and lender-specific terms.
