Mortgage Rate Averages Update
This week, 30-year mortgage rates experienced a slight rise after hovering in the upper 6% range for six days. The average rate settled at 7.02%, marking a marginal decrease of just one basis point on Friday. Rates for various mortgage types showed minimal fluctuations, reflecting the current trend in the housing market.
Editor’s Note
Effective May 1, we have transitioned to providing daily mortgage rate averages using the Zillow Mortgage API. With this change in data source and methodology, our current averages may differ from those published prior to May 1, 2024. All historical data and analyses are now based on this updated information.
National Rate Averages for Top 5 Mortgage Types
The national rate averages for the top 5 mortgage types, including New Purchase and Refinance, are as follows:
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 7.02% | 7.71% |
| FHA 30-Year Fixed | 6.91% | 6.60% |
| 15-Year Fixed | 6.21% | 6.14% |
| Jumbo 30-Year Fixed | 7.15% | 7.07% |
| 5/6 ARM | 7.83% | 7.56% |
The above rates are based on a minimum 20% down payment and a credit score of 680 to 739.
To find the best mortgage option tailored to your needs, it is recommended to compare rates from different lenders regularly, regardless of the type of home loan you are interested in.
Today’s Mortgage Rate Averages: New Purchase
Recent changes in mortgage rates for new purchases indicate a slight dip in 30-year rates, bringing the average to 7.02%. While rates have seen a slight increase compared to earlier in the year, they remain below historical peaks.
Additionally, 15-year mortgage rates have slightly risen to 6.21% but are still lower than the levels seen in previous months.
The Weekly Freddie Mac Average
Each Thursday, Freddie Mac releases its weekly average for 30-year mortgage rates. Last week, the average dropped to 6.94%, marking a slight decrease and indicating favorable conditions for prospective homebuyers or refinancers.
Today’s Mortgage Rate Averages: Refinancing
Refinancing rates varied across different mortgage types, with notable changes in 30-year refi averages. It’s essential to keep track of refinancing rates to make informed decisions about refinancing your home loan.
Mortgage Rates by State
The availability of mortgage rates is influenced by various factors at the state level, including credit scores, loan types, and local market conditions. Different states exhibit diverse mortgage rate averages, with states like New York, Hawaii, and Alaska having lower rates than Maryland, Washington D.C., and North Dakota.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are impacted by a range of economic and industry factors, such as bond market performance, Federal Reserve policies, and lender competition. Understanding these factors can help predict fluctuations in mortgage rates.
How We Track Mortgage Rates
Our national and state mortgage rate averages provided via the Zillow Mortgage API offer insights into current rate trends based on specific criteria. These rates serve as a guide for potential borrowers to gauge prevailing interest rates accurately and make informed decisions.