After two days of drops that put the 30-year mortgage rate below 8.00% for the first time since Oct. 2, the benchmark rate jumped back up Thursday with an increase of 12 basis points from the day prior. Other new purchase loan types saw little to no change, with rates🧔 still below 8.00%.

The latest 30-year fixed-rate average is 8.10%. Because rates vary widely across lenders, it's always smart to shop around for your best mortgage option and compare rate💙s regularly, no matter what type of loan you're seeking.

Today's Mortgage Rate Averages: New Purchase

With a jump of 12 basis points Thursday, 30-year mortgage rates have crossed over the 8.00% threshold again. Before the drops seen earlier this we🎀ek, mortgage rates had notched a histor꧑ic peak of 8.34% on Oct. 6. The benchmark rate first eclipsed 8.00% this year on Sept. 28, when it hit 8.10%—the same rate we saw Thursday.

Rates on 15-year loans edged slightly higher Thursday to 7.49%. The 15-year mortgage r𝓰ate average is slightly below its recent peak of 7.54%, a high-water mark since 2000.

Thursday's jumbo 30-year rates marched in place for another day, holding steady at 7.27%. Though daily jumbo mortgage rate history is not available before 2009, it's estimated that the recent peak of 7.40% was the most expensive level for jumbo 30-year loans in more than 20 years.

Other loan types, including 10-𒁃 and 20-year fixed-rate mortgages🐼, saw slight increases of 1 to 4 basis points, while some ARM loans saw no changes at all.

Today's Mortgage Rate Averages: Refinancing

Refinancing rates for most loan types saw similar minimal increases on Thursday, with the 30-year refi average jumping just 4 basis points to 8.44%. The VA 30-year fixed rate was the only one to see a double-digit increase of 11 basis points, which pushed i𒁏t back over 8.00%. The 15-year average increased by 2 basis points. All jumbo refi⭕ loan rates saw no changes.

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

Lowest 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 three states with the lowest 30-year new purchase averages Thursday were Vermont, Delaware, and North Dakota, while the states with the highest averages were Georgia, Maryland, New Jersey, and Washington, D.ܫC.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates 𒀰are determined 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 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.

Since that time, the Fed has been aggressively raising the 澳洲幸运5开奖号码历史查询:federal funds rate to fight d𒁃ecades-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.

However, given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over the last 18 months—even the indirect influence of the fed funds rate has resulted in an upward impact on mortgage rates over the last two years.

The Fed has two more rate-setting meetings scheduled in 2023, concluding Nov. 1 and Dec. 13. Though it's too soon to reliably predict the central bank's next move, Fed Chair Jerome Powell has made it clear that 澳洲幸运5开奖号码历史查询:another rate increase is certainly൲ ✤possible at either meeting.

Methodology

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 representative of what customers should expect to see when receiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rates.

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