Mortgage Rate Update: June 3, 2024
As of today, 30-year new purchase mortgage rates continue to hover in the upper-6% range. The current flagship average sits at 6.90%, slightly above the 7-week low of 6.83% seen last week. Rates for various mortgage types have also experienced mild decreases.
Editor’s Note
Starting May 1, we have updated our daily mortgage rate averages using the Zillow Mortgage API. This brings a new data source and methodology, so the current averages may differ from our previous publications. All data and analyses in this article are now based on this updated information.
National Rate Averages for Top 5 Mortgage Types
The 30-year mortgage average dropped 7 basis points today, now standing at 6.90%. This marks the fifth consecutive day below 7% and is nearly half a percentage point lower than the recent peak in late April.
Despite the current elevated rates compared to early February, today’s 30-year rates are notably lower than the historic high of 8.01% seen in October.
New purchase 15-year mortgage rates decreased by 3 basis points to 6.12% today. While slightly higher than recent weeks, today’s rate is significantly lower than last fall’s peak of 7.08%.
Jumbo 30-year rates dropped by 4 basis points to 7.05%. Current jumbo rates are notably lower than the peak reached last fall, estimated to be the highest in over 20 years.
Most other new purchase loan types saw modest decreases in rates today, except for FHA 15-year mortgages, which increased by 7 basis points.
The Weekly Freddie Mac Average
Freddie Mac’s weekly average for 30-year mortgage rates fell to 7.02%, continuing a downward trend from the recent peak of 7.79%. Unlike our daily averages, Freddie Mac’s calculations blend rates over a week and may vary in methodology and loan criteria.
Today’s Mortgage Rate Averages: Refinancing
Most refinancing rate averages showed minor fluctuations, with 15-year refi rates seeing a notable drop while jumbo 30-year refi rates experienced a more substantial decline.
Mortgage Rates by State
Mortgage rates vary by state due to factors like credit scores, loan types, and lender strategies. States like New York, Georgia, and Florida have lower rates, while states such as West Virginia and Iowa have higher averages.
What Causes Mortgage Rates to Rise or Fall?
Several factors, including bond market trends, Federal Reserve policies, and lender competition, influence mortgage rates. Understanding these complex dynamics can help predict rate movements.
Macroeconomic events, such as the Federal Reserve’s bond-buying policies, can have a significant impact on mortgage rates. Recent Fed actions have led to notable rate fluctuations in response to changing economic conditions.
How We Track Mortgage Rates
Our national and state rate averages are sourced from the Zillow Mortgage API, offering a snapshot of rates with specific parameters. These rates are indicative and may vary based on individual qualifications and lender offerings.