Mortgage Rate Update: June 3, 2024
On Friday, 30-year mortgage rates remained steady at 7.08%, just slightly above their recent low levels. Similarly, rates for other mortgage types also showed minimal movement.
Editor’s Note
Effective May 1, the mortgage rate averages are now provided via the Zillow Mortgage API, introducing a new rate source and calculation methodology. Historical and future data will reflect this change.
National Rate Averages for Top 5 Mortgage Types
Given the variation in rates among lenders, it is advisable to shop around for the best mortgage options and regularly compare rates regardless of the loan type you are seeking.
Today’s Mortgage Rate Averages: New Purchase
30-year new purchase mortgage rates held steady at 7.08% on Friday, near a recent low of 7.06% and well below the peak in April. Rates are higher compared to early February but significantly lower than last fall’s historic highs.
Similarly, 15-year new purchase rates remained stable, slightly above their recent low. Today’s rates are much more affordable compared to last fall’s peak.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates fell to 7.09% last week, showing a decline from recent highs. The current average is noticeably lower than the peak recorded back in October.
Freddie Mac’s calculation methodology differs from other sources, such as the daily average reported here, providing a unique perspective on rate trends.
Today’s Mortgage Rate Averages: Refinancing
Refinance rates remained relatively stable, with some loan types experiencing minor increases. The spread between new purchase and refinance rates widened slightly.
Mortgage Rates by State
State-level factors, including credit scores and loan types, influence the variation in mortgage rates. States like New York and Alaska offered lower rates compared to those in Washington, D.C., and Maryland.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are impacted by various macroeconomic and industry factors, including bond market conditions, Federal Reserve policies, and competition among lenders.
Historically, the Federal Reserve’s actions have played a significant role in shaping mortgage rate trends, with recent rate increases leading to upward pressure on mortgage rates.
How We Track Mortgage Rates
The national and state mortgage rate averages provided are based on specific criteria and serve as a general indication of expected rates. Actual rates may vary depending on individual qualifications and lender terms.
