Overview of Current Mortgage Rate Trends
After a recent period of declines, 30-year mortgage rates stabilized on Tuesday at their most affordable level in four weeks, with the average holding steady at 7.06%. While various mortgage types experienced minimal rate fluctuations, the 30-year refinance average saw a notable decrease.
Editor’s Note
As of May 1, our daily mortgage rate averages are now sourced from the Zillow Mortgage API. Due to this change in data and methodology, the current averages may not align directly with our previous data. All historical data and analysis going forward will be based on this new source.
National Rate Averages for Top 5 Mortgage Types
Given the wide range of rates offered by different lenders, it’s advisable to explore multiple options and regularly compare rates when seeking a mortgage, irrespective of the loan type.
Today’s Mortgage Rate Averages: New Purchase
Following a recent uptick, 30-year new purchase loan rates have declined significantly. The 30-year average, after a four-day drop, now stands at 7.06%, marking a four-week low and a notable reduction from its recent peak.
While current mortgage rates remain higher than earlier this year, they are considerably lower compared to the historic highs experienced last October.
Similarly, 15-year mortgage rates for new purchases held steady on Tuesday, remaining near a four-week low, reflecting a more affordable trend compared to rates in the recent past.
Jumbo 30-year rates experienced a slight increase but are still below recent peaks, indicating a more favorable outlook for larger mortgage loans.
Several other new purchase loan averages showed minimal movement, with some adjustable-rate options seeing slight increases.
National Mortgage Rate Averages – New Purchase Loans
Freddie Mac’s weekly average of 30-year mortgage rates revealed a recent uptick, reaching 7.22%, its highest level since late November. This shows fluctuation in rates over the past few months.
Freddie Mac’s methodology for calculating rates differs from others, including Investopedia, impacting the reported averages and their precision.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates exhibited mixed movements on Tuesday, with some averages dropping while others saw slight increases. The spread between new purchase and refinance rates tightened, indicating changing dynamics in the mortgage market.
National Mortgage Rate Averages – Refinance Loans
Utilize our Mortgage Calculator to assess monthly payments under different loan scenarios and make informed decisions about refinancing.
It’s important to note that the rates presented here are averages and may differ from teaser rates commonly advertised online. Your individual mortgage rate will be influenced by factors like credit score and income, leading to variations from the averages reported.
Mortgage Rates by State
Mortgage rates can vary by state due to factors like credit scores, loan types, and lender practices. Consider comparing rates across different states to find the most favorable mortgage terms.
Notable variations in 30-year new purchase rates were observed across different states, highlighting the importance of state-level considerations when seeking a mortgage.
Factors Influencing Mortgage Rate Movements
Several factors, including bond market trends, Federal Reserve policies, and lender competition, play a role in shaping mortgage rates.
The Federal Reserve’s actions, such as bond purchases and interest rate adjustments, have a direct impact on the mortgage market, influencing rate fluctuations.
Recent Fed rate hikes have led to upward pressure on mortgage rates, underscoring the interplay between monetary policy decisions and mortgage market dynamics.
Tracking Mortgage Rates
The mortgage rate averages provided are based on the Zillow Mortgage API, reflecting typical borrower scenarios. Your individual rate may vary based on specific qualifications and lender terms.
