Mortgage Rate Averages Update: June 3, 2024
Last week saw a slight increase in 30-year mortgage rates after hitting a low in March. On Friday, the average rate rose to 6.92%, alongside an uptick in rates for other mortgage types.
Editor’s Note: New Data Source
We now provide our daily mortgage rate averages via Zillow Mortgage API since May 1, offering a fresh perspective on rates compared to our previous methodology. Historical data and future analyses will also be based on this new source.
National Rate Averages for Top 5 Mortgage Types
| Loan Type | New Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 6.92% | 7.11% |
| FHA 30-Year Fixed | 6.78% | 6.60% |
Given the variance in rates among lenders, it’s recommended to compare multiple options regularly to secure the best mortgage deal regardless of the loan type.
Today’s Mortgage Rate Averages: New Purchase
30-year mortgage rates rebounded slightly after a mid-week decrease, reaching 6.92%. While still below 7% for a third consecutive day, rates remain higher than earlier this year.
Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year rates fell to 7.02%, showing a decline from an earlier peak. Notably, our daily average offers a more timely and precise view of rate movements compared to the weekly Freddie Mac data.
Mortgage Rate Averages: Refinancing Rates
Mortgage Rates by State
State-level variations impact the availability of mortgage rates, reflecting differences in credit scores, loan types, and lender strategies. Notable variations exist among different states in terms of rate averages.
What Causes Mortgage Rates to Rise or Fall?
Various factors, such as bond market trends, Federal Reserve policies, and lender competition, influence mortgage rate fluctuations. Past trends and policy changes have significantly impacted mortgage rates in recent years.
How We Track Mortgage Rates
Our rate averages are sourced from the Zillow Mortgage API, reflecting specific criteria like LTV ratios and credit score ranges. The rates provided are indicative of what borrowers might expect in the current market landscape.
In conclusion, staying informed on mortgage rate trends and understanding the factors affecting them is crucial for making informed financial decisions. Explore your options, track market movements, and consult with experts to make the most of the current lending environment.