It was one step forw🌳ard, two steps back for 30-year mortgage rates at the ♛end of last week. After dipping a tenth of a point Thursday, the 30-year average spiked two-tenths of a point Friday. That takes the flagship average to a new 23-year high—its fourth record-setting peak in eight days. Rates rose for almost every other loan type as well.

The latest 30-year fixed-rate average is 8.34%. Rates vary widely across lenders, so it's always smart to shop around for your best mortgage option and compare rates regularly, no matter wh🌃at type of loan you're seeking🍃.

Today's Mortgage Rate Averages: New Purchase

After falling back 10 basis points Thursday from a record high of 8.24%, the 30-year mortgage averag🌌e gained that back and more, spiking 20 basis points ⛦Friday to reach a new peak of 8.34%. (Monday was a federal holiday, so Friday is the most recent day of mortgage data.) The 30-year average has once again established a high not seen since 2000.

Rates on 15-year loans also climbed Friday, tacking on 6 basis points. Now at 7.52%, the 15-year average is just below the recent peak of📖 7.54%,൲ its highest mark since 2001.

After holding steady for three days, jumbo 30-year rates jumped 13 basis points Friday, raising the average to a new record high of 7.40%. Though daily jumbo averages are not available before 2009, it's estimated the current peak is the most expensive level for jumbo 30-year loans in more than 20 years.

Averages for jumbo 15-year and jumbo 5/6 ARM loans were the only averages that didn't climb Friday, with both remaining flat.

Today's Mortgage Rate Averages: Refinancing

Refinancing rates moved very similarly to new purchase rates Friday, though the 30-year refi average added a slighওtly less dramatic 11 basis points. That shrinks the gap between 30-year refi and new purchase rat🍸es to a narrower 24 basis points.

Refinancing rates for 15-year loans added 6 basis points, and ju🎀mbo 30-year loans, 13 basis points—both identical to the movement in their new purchase cousins. Other refi averages were up as well, except for flat averages on jumbo 15-year and jumbo 5/6 ARM loans.

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 Friday were Vermont, Mississ☂ippi, Rhode Island, Louisiana, and Wisconsin, while the states with the highest averages were Arizona, Nevada, Minnesota, Georgia, Oregon, and Washington.

What Causes Mortgage Rates to Rise or Fall?

Mortgag𝄹e rates are 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 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 fꦯunds rate and mortgage rates can m♛ove in opposite directions.

However, given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate a cumulative 5.25% 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 i💞s certainly 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 recඣeiving 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 in that state is listed, assumingᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ the same parameters of an 80% LTV and a credit score between 700–760.