The Latest Mortgage Rate Updates: March 29, 2024
On Tuesday, mortgage rates experienced a slight uptick, continuing the trend from the previous day. The average rate for a 30-year fixed mortgage reached 7.31%, marking its highest point in the past two weeks. While most new purchase and refinance mortgage rates also saw modest increases, notable jumps were observed in 15-year and 10/6 ARM rates.
National Averages of Lenders’ Best Mortgage Rates
Here’s a breakdown of the national averages for lenders’ best mortgage rates for new purchase and refinance loans:
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.31% | 7.60% |
| FHA 30-Year Fixed | 7.24% | 7.54% |
| Jumbo 30-Year Fixed | 6.95% | 6.95% |
| 15-Year Fixed | 6.61% | 6.82% |
| 5/6 ARM | 7.80% | 7.87% |
Due to varying rates among lenders, it is advisable to compare different mortgage options and regularly monitor rate changes irrespective of the loan type you are seeking.
Today’s Mortgage Rate Averages for New Purchase
The average rate for 30-year new purchase mortgages increased by 5 basis points on Tuesday, following a 14-point rise the day before. The current 30-year average stands at 7.31%, the highest since March 20.
30-year loan rates remain higher compared to early February, but are notably lower than the peak of 8.45% recorded in October.
Meanwhile, 15-year new purchase loan rates surged by 17 basis points, reaching an average of 6.61%, still below the rates seen in the fall of 2023.
Jumbo 30-year rates remained steady on Tuesday at 6.95%, matching the highest level seen since November.
Among all loan types, the most significant rate increase on Tuesday was observed in 10/6 adjustable-rate mortgages, while FHA 30-year loan rates saw a slight decline.
Weekly Freddie Mac Average
Freddie Mac publishes a weekly average of 30-year mortgage rates every Thursday, with last week’s data showing a decrease to 6.79%. Compared to the historic peak of 7.79% in late October, current rates have notably improved.
Freddie Mac’s average is calculated differently from other averages and may include rates with discount points, unlike the averages presented here.
Today’s Mortgage Rate Averages for Refinancing
Refinancing rates experienced modest increases on Tuesday, with 30-year refi loans rising by 9 basis points. The spread between new purchase and refi rates remained narrow at 29 basis points.
Notable gains were observed in 10-year refi loans and FHA 15-year and 7/6 ARM refi rates.
Mortgage Rates by State
Mortgage rates vary by state due to factors like credit score averages and lender strategies. States with the lowest 30-year rates included Mississippi, Hawaii, and more, while the highest rates were observed in states like Minnesota and Arizona.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by a combination of factors including the bond market, Federal Reserve policies, and lender competition.
- The bond market, particularly 10-year Treasury yields
- Federal Reserve monetary policies and bond buying
- Competition among mortgage lenders
In recent years, the Federal Reserve’s actions have played a significant role in influencing mortgage rates, especially with its bond-buying practices.
Changes in the Fed’s monetary policies and actions impact mortgage rates, with recent adjustments leading to notable rate increases.
How We Track Mortgage Rates
The national average rates provided are based on offers from top lenders, reflecting what borrowers might expect based on their qualifications.
Lender strategies and individual borrower attributes can lead to varying rates, emphasizing the importance of exploring multiple options when seeking a mortgage.
Explore different loan scenarios and estimate monthly payments using our Mortgage Calculator.
The rates mentioned here are reflective of national averages and may differ from advertised rates that often involve specific conditions. Your actual mortgage rate will depend on various factors, including your credit score and financial situation.
