The 30-year new purchase mortgage average inched lower again on Thursday, dropping 3 basis points to land at 7.88% and keeping it within the flagship average's cheapest range since September. Most loan types saw drops or no change in rates, except for the 5/6 ARM average, which edged up 2 basis points.

Because rates vary widely across lenders, it's always smart to shop around for your best mortgage option a🧜nd compare rates regularly, no matter what type of loan you're seeking.

Today's Mortgage Rate Averages: New Purchase

Rates on 30-year new purchase mortgages inched down another 3 basis points Thursday. That lowers the average to 7.88%. It's been over a week since the average was above 8.00%. Aside from two days in October, the 30-year average had not registered under 8% since Sept. 29. The current average is also notably below the historic peak of 8.45%, which was recorded on Oct. 17, and was estimated to be the highest 30-year average in 23 years.

Thursday's 15-year rate average dropped 8 basis points, lowering to 7.22%. That's 37 basis points lower than Oct. 23's record peak of 7.59%, which was the highest level seen for 15-year rates since 2000.

Jumbo 30-year rates, like many other loan types Thursday, did not change. Remaining at a 7.06% average, jumbo 30-year rates are at their lowest point since Sept. 22. Though daily jumbo rates are not available before 2009, it's estimated that the 7.52% peak on Oct. 19 was the most expensive average for jumbo 30-year loans in more than 20 years.

The only rate to edge up on Thursday was the 5/6 ARM loan, which gained 2 basis points to land at 7.94%. That's the highest average rate we've seen for a 5/6 ARM since we began gathering data on home loan interest rates.

Today's Mortgage Rate Averages: Refinancing

Many refinancing rates were flat Thursday, but a few averages dropped lower. Th💎e 30-year refi average saw the biggest decline, losing 8 basis points to sit at 8.23%. The gap between refi and new purchase 30-year ඣrates is now 35 basis points.

Almost all other refi averages were flat or moved down a handful of basis points. Two refi rates are still below 7.00%—the jumbo 7/6 ARM refi and the jumbo 5/6 A🏅RM refi.

Calculate monthly payments for different loan scenarios with our 澳洲幸运5官方开奖结果体彩网: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 ꦦwith ♌the lowest 30-year new purchase averages were Vermont, Delaware, Mississippi, and North Carolina, while the states with the highest averages were Oregon, Arizona, Nevada, and Washington.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex interaction of macroeconomic and i൲ndustry 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 November 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官方开奖结果体彩网:federal funds rate to fight decades-high inflation. While the fed funds rate can influence mortga𒐪ge 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 two meetings, which concluded Sept. 20 and Nov. 1. But Fed Chair Jerome Powell has made it clear that 澳洲幸运5官方开奖结﷽果体彩网:another rate increase is still possible at a future meeting. The Fed’s next rate announce𓆏ment will be made Dec. 1𝓰3.

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官方开奖结果体彩网:loan-to-value ratio (LTV) of 80% and an applicant with a FICO credit score in the 700–760 range. The resulting rates are repr🃏esentative 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 sta🍃te rates, 𝔉the lowest rate currently offered by a surveyed lender in that state is listed, assuming the same parameters of an 80% LTV and a credit score between 700–760.