Trending Mortgage Rates Update
Exciting news for homeowners and potential buyers as mortgage rates take a dip! The 30-year mortgage rates have fallen to 7.25%, marking their lowest average in the past eight days. This drop has also been reflected in other new purchase mortgage types, providing an opportune moment for those in the market for a mortgage.
New Methodology Alert
As of the latest update, the mortgage rate averages are now sourced through the Zillow Mortgage API, introducing a new methodology. Please note that these new numbers may not directly match the historical data from before May 1, 2024. Going forward, all analyses and future articles will be based on this updated data source.
Today’s National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.25% | 7.62% |
| FHA 30-Year Fixed | 6.84% | 6.82% |
Since mortgage rates can vary significantly between lenders, it’s crucial to comparison shop to find the best mortgage option regardless of the type of loan you are looking for.
Today’s Mortgage Rate Trends for New Purchase
Following a recent spike due to inflation reports, 30-year new purchase rates have now fallen slightly, reaching 7.25%. This decrease comes after a daily dip, positioning current rates favorably compared to last week’s peak.
Stay Informed About Mortgage Rate Changes
Utilize our Mortgage Calculator to estimate monthly payments based on various loan scenarios. Keep in mind that the rates listed here represent averages and may differ from advertised teaser rates due to various factors unique to individual borrowers.
Understanding Mortgage Rate Fluctuations
Wondering what causes mortgage rates to rise or fall? Several factors come into play, including bond market trends, Federal Reserve policies, and lender competition.
How We Source and Monitor Mortgage Rates
The national and state average rates are generated through the Zillow Mortgage API, reflecting common borrower profiles. These rates are indicative of what borrowers can expect and are subject to lender-specific variations. Stay informed with the latest updates.
