The 30-year new purchase mortgage rate average remained unchanged at 6.70% Thursday, remaining at its lowest average since early spring and a notable improvement after rates started July in 7% territory. Rate movement was minor for most mortgage types .

Since 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 ꧟re♕gularly, no matter the type of home loan you seek.

Today's Mortgage Rate Averages: New Purchase

The 30-year mortgage rate average held steady at 6.70% on Thursday, registering that level for a fourth time since Friday. That's 38 basis points lower than the 7.08% reading on July 1 and is the cheapest average registered since March 29.

Though rates on 30-year mortgages are still slightly elevated compared to February, when the average plummeted to 6.36%, they 🧜are far below the historic 23-year high of 8.01% in October.

Rates on 15-year mortgages also remained unchanged on Thursday. After dropping 4 basis points on Wednesday to 5.83%, the 15-year average is also at its lowest price since late March. Current rates on 15-year loans are far below last fall's 7.08% peak—the highest reading since 2000.

Jumbo 30-year rates increased by 4 basis points on Thursday to 7.02%. That average is still somewhat near last week's four-week low of 6.96%. The jumbo 30-year average continues to be considerably below the May high of 7.30%, however. 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. This week's reading dropped 12 basis points to 6.77%—its lowest level in four months. Freddie Mac's average reached a historic 23-year peak of 7.79% in October. 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

Refinancing꧑ rates were more mixed on Thursday than their new purchase siblings. The 30-year refi average climbed nearly a quarter of a percent, while the 15-year refi av𒆙erage was unchanged. The jumbo 30-year refi average was essentially flat.

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 Thursday were New York, Florida, Idaho, North Carolina, Tennessee, and Indiana, while the states with the highest average rates were Alaska, West Virginia, South Caro🌊lina, Iowa, and Washington, D.C.

What Causes Mortgage Rates to Rise or Fall?

Mortgage 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 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 doesn't directly do so. In fa𝔍ct, 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 last July, with a seventh consecutive rate hold announced 🍎last month. Although inflation has come down considerably, it's still above the Fed'✃s target level of 2%. Until the central bank feels confident inဣflation is falling sufficiently and sustainably, it has said it's hesitant to start cutting rates.

The Fed will hold four more meetings this year, with the next one scheduled to conclude July 31.

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 represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zill💎ow Terms of Use.