After surging four of the last five market days, 30-year mortgage rates have finally moved the other way. The flagship average dipped to 7.07% Monday—erasing most of its Friday jump. Rates dropped for many other mortgage types as well.

Since rates vary widely across lenders, it's always smart to shop around for your 澳洲幸运5官方开奖结果体彩网:best mortgage rate and compare ra𝔍tes regularly, no matter the type of home loan y🅺ou seek.

Today's New Purchase Mortgage Rate Averages

Rates on 30-year new purchase mortgages fell 7 ✅basis points Monday, kicking off the week at a 7.07% average. Over the previous f𝓀ive days, the average had shot up 44 basis points—reaching 7.14% Friday for its most expensive reading since May 29.

Last September, 30-year rates saw a historic plunge—sinking to a two-year low of 5.89%. The current average is now almost 1.2 percentage points more expensive. Still, today's rates are 94 basis points improved vs. late 2023, when rates catapulted to a historic 23-year peak of 8.01%.

Rates on 15-year mortgages subtracted a bolder 12 basis points Monday, pushing the average down to 6.19%. That's an improvement from Friday's 6.31%, which was the highest reading in almost a year. As with 30-year rates, the 15-year average fell to its cheapest level in two years last September, plummeting to 4.97%. Though today's 15-year average is elevated, it's still almost 90 basis points below October 2023's historic 7.08% reading—a high since 2000.

Jumbo 30-year mortgage rates meanwhile saw just a minor dip, edging down 2 basis points to average 7.13% and remaining near their most expensive level since late May. Last fall, jumbo 30-year rates sank to 6.24%, their cheapest level in 19 months, while it's estimated their 8.14% peak in October 2023 was the most expensive jumbo 30-year average in over 20 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. Last week's reading inched down 2 basis points to 6.62%, as it largely captured the drop in rates seen late last week. Last September, the average sank as far as 6.08%. But back in October 2023, Freddie Mac's average saw a historic rise, surging to a 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官方开奖结果体彩网:Mortgage Calculator.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex interaction of macroeconomic and industry facꦺtors, 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官方开奖结果体彩网: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官方开奖结果体彩网: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 for almost 14 months, beginning in July 2023. But in September, the central bank 澳洲幸运5官方开奖结果体彩网:announced a first rate cut of 0.50 percentage points𝐆, and then followed that wit✱h quarter-point reductions in November and December.

For its second meeting of 2025, however, the Fed opted to 澳洲幸运5官方开奖结果体彩网:hold rates steady—and it’s possible the central bank may not make another rate cut for months. At their March 19 meeting, the Fed released its quarterly rate forecast, which showed that, at that time, the central bankers’ median expectation for the rest of the year was just two quarter-point rate cuts. With a total of eight rate-setting meetings scheduled per year, thaꦬt means we could see multiple rate-hold announc📖ements in 2025.

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官方开奖结果体彩网: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. The𝓀 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., 2025. Use is subject to the Zillow Terms of Use.