After last week sinking below 7% and registering the cheapest level since March, rates on 30-year mortgages have reclaimed some higher ground. With two days of increases, the 30-year mortgage average is now up to 6.97%. Rate movement for other mortgage types was mixed.

Because rates vary widely across lenders, 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 regularly no matter the t🍒ype of home💞 loan you seek.

Today's Mortgage Rate Averages: New Purchase

After falling to 6.83% last week, 30-year mortgage rates have clawed back some of that decline over the last two days. Rising 9 basis points Friday and now another 5 points Monday, the flagship average is up to 6.97%. Still, this is a fourth consecutive day below 7%,—a level we hadn't seen in over a month. It's also still 40 basis points lower than the 5-month high of 7.37% notched in late April.

Rates on 30-year mortgages are still elevated compared to early February, when the average sank as low as 6.36%. But today's 30-year rates are more than a percentage point below the historic 23-year high of 8.01% we saw in October.

New purchase 15-year mortgage rates climbed 11 basis points Monday, for a new average of 6.15%. Dipping as low as 5.96% Thursday, 15-year rates had been at their lowest mark in seven weeks. Though now slightly higher, today's 15-year average is considerably lower than last fall's 7.08% peak —the highest level registered since 2000.

Jumbo 30-year rates marched in place Monday, holding the average at 7.09%. That compares to a recent high of 7.30%. Though daily historical jumbo rates were not published before 2009, it's estimated the 8.14% peak reached last fall was the most expensive jumbo 30-year average in 20-plus years.

The Weekly Freddie Mac Average

Every Thursday, Freddie Mac publishes a weekly average of 30-year mortgage rates. Last week's reading fell 7 basis points to 7.02%, marking a second week of declines. Back in October, however, Freddie Mac's average reached a historic 23-year peak of 7.79%. It later dropped significantly, registering a low point of 6.60% in mid-January.

Freddie Mac’s average differs from what we report for 30-year rates because Freddie Mac calculates a weekly average that blends five previous days of rates. In contrast, our Investopedia 30-year average is a daily reading, offering a more precise and timely indicator of rate movement. In addition, the criteria for included loans (e.g., amount of down payment, credit score, inclusion of discount points) varies between Freddie Mac's methodology and our own.

Today's Mortgage Rate Averages: Refinancing

Most refinancing rates showed little or no movement Monday. Two exceptions were the 30-year refi average, which fell 17ꦛ basis points, and the 15-year refi average, which moved the other way, adding 10 basis points.

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 Monday were New York, Michigan, Texas, Florida, Hawaii,✅ New 🍌Jersey, and Louisiana, while the states with the highest average rates were West Virginia, Washington, D.C., Iowa, North Dakota, South Carolina, and Maryland.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a comple💦x 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 dℱecades-high inflation. While the fed funds rate can influence mortgage rates, it does not directly do so. In fact, the fed funds rate and mortgage 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 sixth consecutive rate hold announced on May 1. 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 sustainably, it has said it's hesitant to start cutting rates.

The Fed will hold five more meetings this year, with the next one scheduled to conclude June 12.

How We Track Mortgage Rates

The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a 澳洲幸运5开奖号码历史查询:loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates are representative of what customers should expect to see when receiving actual quotes from lenders based on their qualifications, which may vary from adver🎃tised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.