Thirty-year mortgage rates retreated by 8 basis points to 7.16% on Thursday after jumping 20 basis points on Wednesday. The 30-year rate has experienced volatility in the past week after 💙briefly falling below 7% last Friday. Rates were mixed for most other loan types.

Rates vary widely across lenders, so it's always smart to shop around for your best mortgage option♎ and compare rates regularly, no matter the type of home loan you're seeking.

Today's Mortgage Rate Averages: New Purchase

After jumping 20 basis points on Wednesday, the 30-year mortgage average eased by 8 basis points on Thursday. That brings the flagship rate back in line with its relatively flat level seen over much of the last two weeks before it dipped below 7% last week. Today's rates still remain well below the historic 23-year peak of 8.45% that we saw in October.

The 15-year new purchase average edged down as well on Thursday, but by a more modest 4 basis points. That lowers the 15-year average to 6.36%, compared to the seven-month low of 6.10% it registered in late December. Back in October, 15-year rates soared to a 7.59% peak, the most expensive average since 2000. The jumbo 30-year rates remained steady at 6.57% after adding 12 basis points the day before, which is about a quarter point above its recent low of 6.31%. Though daily historical jumbo rates are not available before 2009, it's estimated the 7.52% peak reached in October was the most expensive jumbo 30-year average in more than 20 years.

The biggest mover on Thursday was the jumbo 1🧜5-year fixed rate mortgage, which saw a decrease of an eighth of a percent bringing it to 6.53%.

Today's Mortgage Rate Averages: Refinancing

Thursday's refinancing rates almost exactly mirrored the changes seen for new purchase rates. The 30-year refi average also sank by 8 basis points, keeping the spread between 30-year new purchase and refi rates at 55 basis points. The 15-year refi average also dropped by 8 basis points, while the jumbo 30-year refi average remained unchanged.

Thursday's biggest refi mortgage rate reduction included the VA 30-year fixed rate, which dropped by 19 basis points, while other fixed refi rates dropped modestly. All refi adjustable mortgage rates either increased or remained unchanged. Notable jumps included the 7/6 ARM and the 10/6 ARM, at 22 and 12 basis 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 cheapest 30-year new purchase rates were Vermont, Louisiana, Iowa🍃, Mississippi, and Wisconsin, while the states with the most expensive rates were Nevada, Oregon, Arizona, Washington, and Georgia.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex interactio൩n 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 𓂃fight 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 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 opted to hold rates steady at its last three meetings, the last of which concluded Dec. 13. Though Fed Chair Jerome Powell indicated the rate-setting committee is leaving the possibility of another rate hike on the table, should inflation not progress further downward as projected, data released with the recent Fed announcement show that none of the 19 Fed members expect another rate increase. In fact, the committee's median expectation is that three rate cuts will be implemented by the end of 2024. The Fed's next rate-setting meeting will conclude on Jan. 31.

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 ꦜ80% and an applicant with a FICO credit score in the 700–760 range. T💮he 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 in that state is listed, assuming the same parameters ofꦓ an 80% LTV and a credit score between 700–760.