The Latest Mortgage Rate Trends
After a recent rise to over 6%, 30-year mortgage rates have now climbed even higher, hitting 7.14%, following a significant increase on Wednesday. Rates for various other mortgage types have also seen an upward trend.
Editor’s Note: New Data Source
Starting May 1, we have transitioned to providing our daily mortgage rate averages using the Zillow Mortgage API. This change introduces a new rate source and methodology, so the current averages may not directly match our previous data prior to May 1, 2024. All analyses and historical data in our articles going forward are based on this new data source.
National Rate Averages for Top 5 Mortgage Types
With rates varying significantly among lenders, it is advisable to compare mortgage options diligently to secure the best rate, regardless of the type of loan you are seeking.
Today’s Mortgage Rate Averages: New Purchase
On Wednesday, 30-year mortgage rates surged by 13 basis points to reach 7.14%. While this marks the fourth time rates have ventured into the 7% range in recent days, they are still below the 5-month high of 7.37% seen in late April.
Compared to early February, current 30-year rates have increased but remain well under the historic peak of 8.01% recorded in October.
Similarly, 15-year mortgage rates for new purchases rose by 12 basis points to 6.30% on Wednesday, although they are still below last fall’s peak of 7.08%.
Jumbo 30-year rates inched up by 7 basis points to 7.24%, nearing their recent high. Historical jumbo rates have fluctuated, with the fall peak of 8.14% being the highest average in over 20 years.
Other new purchase loan types also saw rate increases, notably with 20-year fixed-rate loans rising by 18 basis points on average.
National Mortgage Rate Averages – New Purchase Loans
For a 20% down payment and a credit score between 680 and 739, here are the average rates for different mortgage types:
- 30-Year Fixed: 7.14% (+0.13)
- FHA 30-Year Fixed: 7.04% (+0.08)
- VA 30-Year Fixed: 6.53% (+0.11)
- 20-Year Fixed: 6.95% (+0.18)
- 15-Year Fixed: 6.30% (+0.12)
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year rates climbed to 7.03% this week, showing a 9-basis point increase. In comparison, Freddie Mac’s peak average was 7.79% in October.
Freddie Mac’s average differs from ours as it is a weekly average based on rates from the past five days, whereas our 30-year average provides a daily snapshot, reflecting more immediate rate changes.
Today’s Mortgage Rate Averages: Refinancing
Unlike new purchase rates, refinancing rates on Wednesday showed mixed movements, with the 30-year refinance average experiencing a small decline of one basis point.
National Mortgage Rate Averages – Refinance Loans
For refinance loans, here are some of the average rates with their daily changes:
- 30-Year Fixed: 7.05% (-0.01)
- FHA 30-Year Fixed: 6.60% (No Change)
- VA 30-Year Fixed: 6.61% (+0.38)
- 20-Year Fixed: 7.19% (+0.21)
- 15-Year Fixed: 6.52% (+0.24)
You can use our Mortgage Calculator to estimate monthly payments for different loan scenarios.
Mortgage Rates Variation by State
Mortgage rates can vary significantly by state due to factors such as credit scores, average loan types, and sizes.
States with the lowest new purchase rates include New York, Alaska, and Louisiana, while North Dakota and Washington, D.C., have some of the highest average rates.
Factors Influencing Mortgage Rate Fluctuations
Mortgage rates are influenced by various factors, such as bond market performance, Federal Reserve policies, and lender competition.
In 2021, the Federal Reserve’s bond-buying activities kept mortgage rates low, but subsequent tapering and rate hikes have led to increases in mortgage rates. The Fed’s gradual rate increases in 2022 and 2023 have had a significant impact on mortgage rates.
Following substantial rate hikes, the federal funds rate has stabilized since July 2023. However, the Fed has indicated a cautious approach to cutting rates until inflation is sufficiently controlled.
Tracking Mortgage Rates
Using the Zillow Mortgage API, we provide national and state averages based on specific criteria. These rates serve as a guide for customers seeking quotes tailored to their individual qualifications, which may differ from advertised rates. © Zillow, Inc., 2024.