30-Year Mortgage Rates Rebound Above 7% After Brief Dip
30-year mortgage rates have recently crossed the 7% threshold, with a slight dip on Thursday to 7.11%. Rates for various mortgage types have also seen minor adjustments.
Editor’s Note: Zillow Mortgage API Data Update
As of May 1, we have transitioned to using the Zillow Mortgage API for our daily rate averages. Please note that historical data and future analyses will be based on this new data source, leading to discrepancies from our previous reporting methodology.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.11% | 7.94% |
Given the variance in rates between lenders, it is advisable to compare options across multiple lenders regularly to secure the best mortgage deal.
Today’s Mortgage Rate Averages: New Purchase
30-year mortgage rates saw a slight decrease to 7.11% after a recent rise, still below a peak of 7.37% in April. While elevated from early 2024, rates remain well below historical highs.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgages rose to 7.03%, reflecting a recent upward trend despite previous declines.
Today’s Mortgage Rate Averages: Refinancing
Rates for refinanced loans were mixed on Thursday, influenced by the current market conditions and a limited sample size of rate quotes due to lower refinancing activities.
Utilize our Mortgage Calculator to estimate monthly payments for different loan scenarios.
Mortgage Rates by State
Mortgage rates vary based on the state of origination, influenced by state-level credit scores, average loan types, and lender risk management strategies.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are shaped by a complex interplay of factors including bond market activity, Federal Reserve policies, and lender competition.
How We Track Mortgage Rates
Our national and state rate averages are sourced from the Zillow Mortgage API, considering specific loan criteria for accuracy in rate estimations.