National Mortgage Rate Trends and Insights
The 30-year new purchase mortgage average experienced a slight decline for the third consecutive day, finishing the week at 7.22%. While most other new purchase mortgage rates remained stable, the 15-year average witnessed a notable increase.
National Averages of Lenders’ Best Mortgage Rates
It’s crucial to note that mortgage rates can vary significantly among lenders. Therefore, it’s wise to explore different options and regularly compare rates to secure the best mortgage deal, regardless of the type of home loan you are seeking.
Today’s Mortgage Rate Averages: New Purchase
30-year new purchase mortgage rates dipped slightly on Friday, nearing their March low of 7.11%. Despite this decrease, rates remain higher compared to earlier in the year but are notably lower than the peak seen in October.
On the other hand, 15-year new purchase mortgages experienced an increase, reaching 6.57%. While this is higher than the rates at the beginning of the year, it is still considerably lower than the peak observed last fall.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates moved slightly, standing at 6.82%. This average provides a broader perspective on rate movements, factoring in five previous days, compared to daily rate averages like those from Investopedia.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates showed mixed trends, with the 30-year refi average aligning closely with new purchase rates. Notable declines were seen in VA and FHA 30-year refi averages, contributing to variations in the refinancing market.
Utilize our Mortgage Calculator to assess monthly payments for different loan scenarios, aiding in making informed financial decisions tailored to your needs and budget.
Mortgage Rates by State
State-specific variations in mortgage rates stem from factors such as credit scores, loan types, and lender strategies. States like Mississippi and Vermont offer lower rates, while others like Arizona and Idaho have higher average rates.
What Causes Mortgage Rates to Rise or Fall?
- The bond market, especially 10-year Treasury yields
- The Federal Reserve’s monetary policy and bond buying activities
- Competition among lenders and across loan products
These factors, along with various macroeconomic elements, contribute to the fluctuating nature of mortgage rates, making it challenging to attribute rate changes to a single cause.
How We Track Mortgage Rates
Our national rate averages are derived from top lenders, reflecting the rates an applicant with a FICO score of 700–760 might receive. These rates offer a realistic representation of what borrowers can expect, highlighting the importance of comparing quotes tailored to individual qualifications.
