Rates on 30-year purchase mortgages climbed again on Tuesday to 7.19%, 6 basis points higher than Monday's average. The flagship rate is still more than a quarter of a percent below its recent peak of 7.45% on March 15. Rates movements were varied across all other purchase and refinance mortgage rates.

Rates vary widely across lenders, so it's always smart to shop around for 澳洲幸运5开奖号码历史查询:your best mortgage option and compare rates regularl🀅y no matter the type of home loan you seek.

Today's Mortgage Rate Averages: New Purchase

Rates on 30-year new purchase mortgages rose by 6 basis points on Tuesday. Despite this week's increases, the flagship rate is still down 26 basis points since Friday, March 15, when it hit a recent high of 7.45%.

The 30-year rate average is stilꦉl far from its recent drop into 6.00% territory, which we saw at the start of February. Nevertheless, mortgage rates are still well off the records seenಞ in October, when the 30-year average notched a historic 23-year peak of 8.45%.

The average rates for 10- and 15-year mortgages moderated by single-digit basis point drops on Tue🅘sday after rising on Monday.

Jumbo rates for 30-year fixed and 7/6 ARMs moved up by an eighth of a point, while the jumbo 15-year fixed and jumbo 5/6 ARM remained flat. Although daily historical jumbo rates were not available before 2009, it's estimated the 7.52% peak reached last October was the most expensive jumbo 30-year average in more than 20 years.

The biggest rate increase for new purchase, non-jumbo mortgages was on the 7/6 ARM, which rose 11 basꦏis points yesterday, reversing a similar drop the day ꦯbefore, to land at 7.62%.

The Weekly Freddie Mac Average

Every Thursday afternoon, Freddie Mac publishes a weekly average of 30-year mortgage rates, and last week's reading added 13 basis points to the previous average to rise to 6.87%. Back in late October, Freddie Mac's average reached a historic peak of 7.79%—its highest level in 23 years. But since then, it has come down significantly, registering a recent low of 6.60% in mid-January.

Freddie Mac’s average differs from our own 30-year average for two notable reasons. First, Freddie Mac calculates a weekly average that blends five previous days of rates, while our Investopedia averages are daily, offering a more precise and timely indicator of rate movement. Second, the rates included in Freddie Mac's survey can include loans priced with 澳洲幸运5开奖号码历史查询:discount points, while Investopedia’s a🧔verages only include zero-point lo🅺ans.

Today's Mortgage Rate Averages: Refinancing

Tuesday's refinancing rates were relatively stable, with the 30-year rate ticking up by a single basis point to 7.46%. The spread between 30-year new purchase and refi rates narrowed to 27 basis points. The biggest movers were the jumbo 30-year and jumbo 7/6 ARM rates, which saw jumps of 12 and 13 basis points, respectively. Other loan types saw slight increases or decreases or remained unchanged.

Calculate monthly payments for different loan scenarios with our 澳洲幸运5开奖号码历史查询:Mortgage Calculator.

Mortgage Rates by State

The lowest mortgage rates available vary depending on the state where originations occur. Mortgage rates can be influenced by state-level variations in credit score, average mortgage loan type, and size, in addition to individual lenders' varying risk management strategies.

The states 🐽with the cheapest 30-year new purchase rates on Tuesday were Mississippi, Rhode Island, Louisiana, and Vermont. The states with the highest average mortgage rates were Minnesota, Arizona, and Nevada.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are de꧂termined by♏ a complex interaction of macroeconomic and industry factors, such as:

• The level and direction of the bond market, especially 10-year Treasury yields
• The Federal Reserve's current monetary policy, especially as it relates to bond buying and funding government-backed mortgages
• Competition between mortgage lenders and across loan types

Because fluctuations can be caused by any number of these at once, it's generally difficult to attribute the change to any one factor.

Macroeconomic factors kept the mortgage market relatively low for much of 2021. In particular, the Federal Reserve had been buying billions of dollars of bonds in response to the pandemic's economic pressures. This 澳洲幸运5开奖号码历史查询:bond-buying policy is a major influencer of mortgage rates.

But starting in November 2021, the Fed began tapering its bond purchases downward, making sizable reductions each month until reaching net zero in March 2022.

Between that time and July 2023, the Fed aggressively raised the 澳洲幸运5开奖号码历史查询:federal funds rate to fight decades-high inflation. While the fed funds rate can influence mortgage rates, it does not directly 𒈔do so. In fact, the fed funds rate and mortga🦄ge rates can move in opposite directions.

But given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.

The Fed has been maintaining the federal funds rate at its current level since July, with a fifth consecutive rate hold announced on March 20. Although inflation has come down considerably, it is still above the Fed's target level of 2%. Until the central bank feels confident inflation is falling sufficiently and reliably, it has said it is hesitant to start cutting rates.

Still, Fed committee members do collectively expect to reduce rates in 2024. The March 20 meeting included the latest installment of the Fed's "dot plot" forecast, which showed that the median expectation among the 19 Fed members is for three rate decreases—totaling 0.75 percentage points—by year's end. The dot plot also shows similar expected rate cuts in 2025 and 2026.

The Fed will hold six more meetings this year, with the next scheduled for April 30 to May 1.

How We Track Mortgage Rates

The national averages cited above were calculated based on the lowest rate offered by more than 200 of the country's top lenders, assuming a 澳洲幸运5开奖号码历史查询:loan-to-value ratio (LTV) of 80% and an applicant with a FICO credit score in the 700–760 range. The resulting rates are r൩epresentative of what customers should expect to see when receiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rꦐates.

For our map of th🐲e best state rates, the lowest rate currently offered by a surveyed lender in that state is listed, assuming the same parameters of an 80% LTV and a credit score between 700–760.

Correction - March 28, 2024: This article has been updated to state that the next Federal Open Market Committee is scheduled for April 30 to May 1, 2024.