Mortgage Rate Update: Recent Trends and Averages
In the past week, 30-year mortgage rates have hovered just above the 7% mark after residing in upper-6% territory. Currently, the flagship average sits at 7.01%, with slight fluctuations over the last three days. Other new purchase mortgage types have also seen minor changes in their rates.
Editor’s Note
As of May 1, we have transitioned to providing daily mortgage rate averages through the Zillow Mortgage API. This change in data source and methodology may lead to variations compared to our previous averages. All historical data and analysis will now be based on this new information.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.01% | 7.06% |
| FHA 30-Year Fixed | 6.96% | 6.60% |
| 15-Year Fixed | 6.18% | 6.28% |
| Jumbo 30-Year Fixed | 7.17% | 7.51% |
| 5/6 ARM | 7.79% | 7.72% |
To find your best mortgage option, it’s advisable to compare rates from different lenders regularly, regardless of the type of loan you are seeking.
Today’s Mortgage Rate Averages: New Purchase
The current average rate for 30-year mortgages is 7.01%, marking the third instance in the past week and a half where rates have been above 7%. Despite this, they remain significantly lower than the recent high of 7.37% observed in late April.
New purchase 15-year mortgage rates have decreased to an average of 6.18%, with a slight drop from recent weeks. While higher than previous lows, today’s rates are notably below the peak seen last fall.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates fell to 6.94%, below the 7% threshold for the first time in a month. This contrasts with their historic peak of 7.79% in October, highlighting recent rate fluctuations.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates showed mixed results compared to new purchase rates, reflecting ongoing volatility driven by a smaller sample size of rate quotes.
Use our Mortgage Calculator to estimate monthly payments for various loan scenarios.
Mortgage Rates by State
State-level variations impact mortgage rates, with states like New York and Hawaii offering the lowest rates while others like Washington, D.C., and Iowa have higher average rates.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are influenced by multiple factors including bond market performance, Federal Reserve policies, and lender competition. These elements interact to determine the prevailing mortgage rates.
In response to economic shifts, the Federal Reserve’s actions play a significant role in mortgage rate dynamics. Recent adjustments have led to notable changes in mortgage rates.
How We Track Mortgage Rates
Our mortgage rate averages, sourced from the Zillow Mortgage API, represent expected rates for qualified applicants. Individual rates may vary based on lender-specific criteria and other factors.