The latest trends in mortgage rates show that for the sixth consecutive day, 30-year new purchase rates are holding steady in the high-6% range. The average rate crept up slightly to 6.92% on Wednesday, remaining close to last week’s low of 6.83%. While most other mortgage types saw minimal changes on Wednesday, it’s essential for borrowers to stay informed about rate fluctuations.
Editor’s Note
Starting from May 1, we have begun providing daily mortgage rate averages sourced from the Zillow Mortgage API. This new methodology may result in variations compared to our previous data. All historical data and analyses will now be based on this updated information.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 6.92% | 6.90% |
| FHA 30-Year Fixed | 6.79% | 6.60% |
| 15-Year Fixed | 6.14% | 6.17% |
| Jumbo 30-Year Fixed | 7.14% | 6.95% |
| 5/6 ARM | 7.77% | 7.56% |
Given the varying rates across lenders, it’s crucial for borrowers to compare options and monitor rates regularly to secure the best mortgage deal.
Today’s Mortgage Rate Averages: New Purchase
30-year mortgage rates saw a modest uptick on Wednesday, reaching an average of 6.92%. This marks the sixth consecutive day below the 7% mark, a level not seen since late March. Current rates are notably lower than the recent high of 7.37% in late April.
Although 30-year rates remain higher than early February’s lows, today’s rates are significantly below the peak of 8.01% recorded in October.
Rate Changes Across Different Loan Types
15-year new purchase mortgage rates increased slightly on Wednesday to 6.14%, following a dip to 5.96% a week prior. Despite the uptick, current rates are notably lower than last fall’s peak of 7.08%.
Jumbo 30-year rates experienced a more significant rise of 9 basis points, reaching an average of 7.14%. This is slightly below the recent high of 7.30% and significantly lower than the fall 2023 peak of 8.14%.
Most other new purchase loan types saw minimal rate changes, with 10-year fixed-rate loans being the exception, showing an increase of 22 basis points on average.
National Mortgage Rate Averages – New Purchase Loans
| Loan Type | New Purchase | Average Daily Change |
|---|---|---|
| 30-Year Fixed | 6.92% | +0.02 |
| FHA 30-Year Fixed | 6.79% | No Change |
| VA 30-Year Fixed | 6.34% | No Change |
| 20-Year Fixed | 6.60% | +0.01 |
| 15-Year Fixed | 6.14% | +0.02 |
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates dropped 8 basis points to 6.94% on Thursday, the first time it dipped below 7% in a month. Freddie Mac’s rates are calculated differently from our daily averages, offering unique insights into rate movements.
While our Investopedia daily rates provide timely updates, Freddie Mac’s approach blends rates over five days. Variations may exist due to different data criteria and methodologies between the two sources.
Today’s Mortgage Rate Averages: Refinancing
Refinance rates showed stability on Wednesday, with slight increases in 30-year and 15-year averages compared to the previous day.
National Mortgage Rate Averages – Refinance Loans
| Loan Type | Refinance | Average Daily Change |
|---|---|---|
| 30-Year Fixed | 6.90% | -0.06 |
| FHA 30-Year Fixed | 6.60% | No Change |
| VA 30-Year Fixed | 6.24% | +0.02 |
| 20-Year Fixed | 6.79% | +0.03 |
Use our Mortgage Calculator to estimate monthly payments for various loan scenarios.
It’s important to note that the rates listed here represent average figures and may differ from teaser rates advertised online. Your final mortgage rate will depend on your personal financial profile, so it’s advisable to consult with lenders for accurate rate estimates.
Mortgage Rates by State
Mortgage rates vary by state, influenced by factors such as credit scores, loan types, and lender risk strategies.
States like New York, Louisiana, Michigan, and Washington offer lower rates, while West Virginia and Iowa had higher-than-average rates as of Wednesday.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates fluctuate due to various macroeconomic and industry influences like bond markets, federal policies, and lender competition.
- The bond market’s performance, especially 10-year Treasury yields
- The Federal Reserve’s monetary policy and bond buying activities
- Competition among mortgage lenders and loan types
The mortgage market dynamics are complex and influenced by a combination of these factors, making it challenging to pinpoint a single cause for rate changes.
In recent years, the Federal Reserve’s bond purchase policies played a significant role in keeping mortgage rates low amid economic uncertainties.
However, with the Fed tapering its bond purchases and raising federal funds rate since late 2021, mortgage rates have seen notable increases.
While the fed funds rate indirectly impacts mortgage rates, the relationship between the two is not always straightforward, leading to diverse rate movements.
The Fed’s recent decisions to maintain rates reflect ongoing economic uncertainties and its cautious approach to inflation management.
With several upcoming Fed meetings this year, the mortgage market remains subject to potential rate adjustments based on economic indicators and policy changes.
How We Track Mortgage Rates
Our national and state average rates are provided through the Zillow Mortgage API, considering specific qualifications like down payment and credit score ranges. These figures aim to reflect realistic rate expectations for borrowers, with transparency on the underlying methodology.