After plunging to a two-year low of 5.89% early this week, 30-year mortgage rates have been edging slightly higher. The average is now up to 6.01%. The story is similar this week for 15-year loans, which have inched up to a 5.11% average. Movement among most other new purchase mortgage rates was also up.

Because 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 rate and cꦅompare rates regularly, no matter the type of home loan you seek.

Today's New Purchase Mortgage Rate Averages

Rates on 30-year fixed-rate new purchase mortgages climbed 2 basis points Thursday, rising to a 6.01% average. That's a reversal of 12 points over the last two days, after sinking Tuesday to 5.89%—the cheapest 30-year average we've seen since September 2022.

Current 30-year mortgage rates are still more than a full percentage point below July's high of 7.08%. They are also 2 percentage points below the historic 23-year peak of 8.01% reached about a year ago.

Rates on 15-year mortgages had also sunk to a two-year low point on Tuesday but have now risen 14 basis points to a 5.11% average. However, that remains far below last fall's historic 7.08% peak—the highest average since 2000.

Jumbo 30-year rates meanwhile climbed more substantially, adding 8 basis points to a Thursday average of 6.32%. That's now a bit above their lowest mark since February 2023. Although daily historical jumbo rates were not published before 2009, it's estimated that the 8.14% peak we saw last fall was the most expensive jumbo 30-year average in 20-plus years.

The Weekly Freddie Mac Average

Every Thursday, Freddie Mac, a government-sponsored buyer of mortgage loans, publishes a weekly average of 30-year mortgage rates. Yesterday's reading fell 11 basis points to 6.09%—the lowest weekly average since February 2023. Freddie Mac's average last October reached a historic 23-year peak of 7.79%.

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.

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

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a co🔯mplex intera💙ction 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 any number of these can cause fluctuations simultaneously, 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 fact, 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 maintained the federal funds rate at its peak level from July 2023 until this week, a span of almost 14 months. But Wednesday, the central bank 澳洲幸运5开奖号码历史查询:announced the first rate cut in what's expected to be a series of decreases in 2024 and likely 2025. This fi♈꧒rst reduction was by 0.50 percentage points.

The Fed's next rate-setting meeting will conclude Nov. 7.

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 bo💦rrowers 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 Zillow Terms of Use.