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May 24, 2024 · The current Fed Funds Rate is 5.375, so anything in the 5.125 neighborhood implies a single 0.25% rate cut. On a more timely note, a rate cut at the July Fed meeting is now seen as a near...
May 24, 2024 · The average interest rate for a standard 30-year fixed mortgage is 7.04% today, up 0.02% compared to one week ago. The average rate for a 15-year fixed mortgage is 6.47%, which is an increase of...
Oct 20, 2023 · Fannie Mae’s latest forecast calls for rates to dip to 7.3 percent by the end of 2023 and to 6.7 percent at the end of 2024. The Mortgage Bankers Association’s outlook, meanwhile, expects 30 ...
- Overview
- Today's Mortgage Rate Averages: New Purchase
- Today's Mortgage Rate Averages: Refinancing
- Lowest Mortgage Rates by State
- What Causes Mortgage Rates to Rise or Fall?
- How We Track Mortgage Rates
Thirty-year mortgage rates jumped higher Wednesday—adding 20 basis points to rise to 7.24%. It's the highest average for 30-year rates since mid-December. Rates were up by double-digit basis points for almost every other loan type as well.
Rates vary widely across lenders, so it's always smart to shop around for
and compare rates regularly, no matter the type of home loan you're seeking.
National averages of the lowest rates offered by more than 200 of the country's top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700–760, and no mortgage points.
After rising 9 basis points Tuesday, 30-year mortgage rates jumped another 20 basis points Wednesday. That pushes the flagship average back up to 7.24%, its highest reading since Dec. 13, and a full third of a percentage point above the 7-month low of 6.91% registered on Dec. 28. Still, today's rates are far below the historic 23-year peak of 8.45% that we saw in October.
Freddie Mac's Oct. 26 release of weekly mortgage data was historic, indicating that 30-year mortgage rates had climbed to a 7.79% national average—the highest level in 23 years. But in the two-plus months since, the Freddie Mac 30-year average has fallen more than a full percentage point—with
this week's reading coming in at 6.60%
Freddie Mac’s averages differ from those we publish here due to Freddie Mac calculating a
average that blends five previous days of rates, which may include loans priced with
In contrast, Investopedia’s averages indicate
Wednesday's refinancing rates moved generally in line with new purchase rates. The 30-year refi average climbed a similar 22 basis points, widening the spread between 30-year new purchase and refi rates to 55 basis points. The 15-year refi average meanwhile added a more dramatic 19 basis points, while jumbo 30-year refi averages added an eighth of a point like their new purchase cousin.
Tuesday's biggest refi rate mover was the VA 30-year average, which jumped 23 basis points, while the 20-year refi average was close behind with a gain of 21 basis points.
Calculate monthly payments for different loan scenarios with our
The rates you see here generally won’t compare directly with teaser rates you see advertised online, since those rates are cherry-picked as the most attractive, while these rates are averages. Teaser rates may involve paying points in advance, or they may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan. The mortgage rate you ultimately secure will be based on factors like your credit score, income, and more, so it may be higher or lower than the averages you see here.
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, Iowa, Louisiana, Mississippi, and Wisconsin, while the states with the most expensive rates were Nevada, Arizona, Oregon, Washington, and Minnesota.
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
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
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
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 receiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rates.
- Sabrina Karl
May 22, 2024 · Current mortgage interest rates chart. Chart represents weekly averages for a 30-year fixed-rate mortgage. Average for 2022-24 as of May 22, 2024. Source: Freddie Mac PMMS. (c)...
- Contributor
Apr 18, 2024 · The average daily mortgage rate this week surpassed 7.4%, the highest level since last November, after a hotter-than-expected inflation report and the Fed’s confirmation that interest-rate cuts will be delayed.
People also ask
How do you understand today's mortgage rates?
Are mortgage rates rising?
Are current mortgage rates still high?
Are mortgage rates still close to the historic average?
Mar 9, 2021 · You can see how current mortgage rates are moving in the chart below, based on Freddie Mac’s weekly average rates for 30-year fixed-rate mortgages (light blue) and 15-year fixed-rate...
