National Averages of Lenders’ Best Mortgage Rates
On Monday, 30-year mortgage rates saw a significant increase of over an eighth of a percentage point, reaching 7.26%, marking the highest level in nearly two weeks. Concurrently, most other new purchase mortgage rates also experienced double-digit basis points increments.
New Purchase and Refinance Rates Comparison
| Loan Type | New Purchase Rates | Refinance Rates |
|---|---|---|
| 30-Year Fixed | 7.26% | 7.51% |
| FHA 30-Year Fixed | 7.28% | 7.55% |
| Jumbo 30-Year Fixed | 6.95% | 6.95% |
| 15-Year Fixed | 6.44% | 6.74% |
| 5/6 ARM | 7.79% | 7.83% |
It is advisable to explore multiple lenders as rates differ substantially. Comparing rates regularly is wise, regardless of the type of mortgage you are considering.
Today’s Mortgage Rate Averages: New Purchase
New purchase 30-year mortgage rates spiked by 14 basis points on Monday to an average of 7.26%, the highest since March 20.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates stands at 6.79%, reflecting an 8 basis points decline compared to the previous week.
Today’s Mortgage Rate Averages: Refinancing
While most refinancing rates rose, the 30-year refi average saw a notable drop of 19 basis points on Monday.
Mortgage Rates by State
The availability of the lowest mortgage rates varies by state due to differences in credit scores, loan types, and sizes, as well as lenders’ risk management practices.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates fluctuate due to a mix of macroeconomic and industry factors, including bond market trends, Federal Reserve policies, and lender competition.
The Federal Reserve’s actions, such as bond purchases, have a significant impact on mortgage rates. Recent rate hikes have led to higher mortgage rates in the past two years.
How We Track Mortgage Rates
Our national rate averages are based on the best rates from over 200 lenders, considering an 80% loan-to-value ratio and a FICO score between 700-760.
The mortgage rates presented here serve as a benchmark, but individual rates may vary based on specific borrower qualifications. It is essential to get personalized quotes from lenders.
Use our Mortgage Calculator to estimate monthly payments for different loan scenarios.
