Af💛ter rising 9 basis points on Friday, 30-year mortgage rates held steady on Monday. Still, at a 7.43% average, 30-year rates remain near their lowest level in four months. Rates dropped slightly or remained unchanged for almost every other loan type as well.

Rates vary widely across lenders, so it's always smart to shop around for your best mortgage option a🌟nd compare rates regularly, no matter what typ꧑e of loan you're seeking.

Today's Mortgage Rate Averages: New Purchase

Rates on 30-year mortgages were flat on Monday after rising 9 basis points at the end of last week. Holding steady at 7.43%𝓡, the 30-year new purchase average continues to be within its cheapest range sinceಌ Aug. 10. Also notable is that the current reading is more than a full percentage point below the historic 23-year peak average of 8.45%, which we saw on Oct. 17.

Rates on 15-year new purchase loans dipped by 5 basis points on Monday. That lowers the average to 6.83%, keeping it near its own 4-month low. In𝓡 contrast, October saw 15𓄧-year loan rates surge to a 7.59% peak, the highest average since 2000.

The jumbo 30-year average was flat for a sixth day Monday, after falling substantially the previous Friday. Holding at 6.69%, jumbo 30-year rates are also at their lowest level since August. Though daily historical jumbo rates are not available before 2009, it's estimated that the 7.52% peak in October was the most expensive average for jumbo 30-year loans in more than 20 years.

The only rates that moved up on 🥂Monday were the 20-year fixed mortgage, 10/6 ARM, and 7/6 ARM, which only increased in modest single-digit incre🌊ments.

Today's Mortgage Rate Averages: Refinancing

Refinancing rates moved mostly downward Monday, with the 30-year refi average shedding 5 basis points to dip back below 8%. That reduces the spread between 30-year new purchase and refi rates to a still unusually wide 53 basis points. Refi rates for 15-year loans dropped by a bolder 9 basis points, while the jumbo 30-year refi averageꦺ again marched in place.

Monday's biggest refi rate movers were double-digit drops in the 10-year fixed and 10/6 ARM, which lost 10 and 11 points, respectively.

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 states with the lowest 30-year new purchase averages were Neꦦw York, Vermont, Mississippi, Delaware, Louisiana, and North Dakota, while the states with the most expensive averages were Oregon, Nevada, Arizona, Minnesota, and Washington.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined b🌠y a c♛omplex 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 Nov. 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 decades-high inflation. While the fed funds rate can influence mortgage rates, it does not directly do so. In fact, the fed funds rate and mortgagꦬe 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 opted to hold rates steady at its last two meetings, which concluded September 20 and November 1. Though Fed Chair Jerome Powell made it clear that 澳洲幸运5开奖号码💛历史查询:another rate increase is still possi෴ble at a future meeting, 澳洲幸运5开奖号码历史查询:encouraging inflation data released November 14 has sin🃏ce dampened almost all expectations of future increases. The Fed’s next rate announcement will be made tomorrow, December 13.

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 representative of what customers should ex𒉰pect 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 cꦅurrently offered by a surveyed lender in that state is listed, assum❀ing the same parameters of an 80% LTV and a credit score between 700–760.