Mortgage Rate Update: Thusrday’s Rates Surge

Following the release of concerning inflation data, the 30-year mortgage rates experienced a significant increase on Thursday, climbing over 0.10% to reach 7.60%. Notably, rates for various mortgage types saw substantial jumps, with many increasing by double-digit basis points.

National Averages of Lenders’ Best Mortgage Rates

• New Purchase Rates:
  • 30-Year Fixed: 7.60%
  • FHA 30-Year Fixed: 7.51%
  • Jumbo 30-Year Fixed: 7.32%
  • 15-Year Fixed: 7.00%
  • 5/6 ARM: 7.88%

It’s crucial to compare rates from different lenders as they vary widely across the market. Shopping around for the best mortgage options and regularly comparing rates regardless of the loan type is a smart move.

Today’s Mortgage Rate Averages: New Purchase

After a minor dip, 30-year mortgage rates rose by 11 basis points on Thursday, reaching 7.60%, approaching last week’s highest level of 7.65%.

Compared to earlier in the year, current rates reflect a considerable increase, although they remain lower than the historic peak in October. New purchase 15-year rates also saw an increase, reaching 7.00%.

The Weekly Freddie Mac Average

Freddie Mac reported a 7-basis point rise in the average 30-year mortgage rate to 7.17%, marking the highest level since November. Notably, their average differs from other sources by including discount points in their calculation.

Today’s Mortgage Rate Averages: Refinancing

Refinancing rates also climbed on Thursday, with significant increases across various loan types. The 30-year refi rate saw an 18-basis point increase, widening the gap between new purchase and refi rates.

Notable rate hikes were observed in 20-year and 10-year fixed-rate loans, reflecting market movements.

Mortgage Rates by State

Geographic location significantly impacts mortgage rates, with variations in credit score, loan types, and lender strategies influencing state-level rates. Rates were lowest in Mississippi, Rhode Island, and Iowa, while states like Minnesota, Idaho, Oregon, and Washington saw higher averages.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are influenced by a complex interplay of macroeconomic and industry factors, including bond market movements, Federal Reserve policies, and lender competition.

• The bond market, particularly 10-year Treasury yields
• Federal Reserve policies, like bond buying and mortgage funding
• Competition among mortgage lenders

How We Track Mortgage Rates

Our national averages are based on rates from top lenders, providing a representative picture for borrowers with specified qualifications. For state rates, we list the lowest offered rate under similar conditions.

It is important to note that the rates shown here differ from teaser rates advertised online, as they represent averages and may vary depending on individual qualifications. Your final mortgage rate will be determined by factors such as credit score and income.