The average rate for a 30-year fixed mortgage remained flat at 7.22% on Thursday, just one day after it dipped 3 basis points. Most other mortgage rates dropped Thursday, including rates for jumbo 30-year and 15-year fixed mortgages. We're just days out from the Federal Reserve's June meeting, where it's widely predicted that the central bank will hold the federal funds rate steady for the first time since the beginning of 2022.

Today's National Mortgage Rate Averages

The 30-year fixed-rate mortgage average remained at 7.22% on Thursday, after dropping 3 basis points the day before. Rates on 30-year loans have been fluctuating slightly higher since June 1, when the average sank to 7.13%. But less than a week earlier, on May 26, the average hit what's estimated to be a 20-year high of 7.65%.

Rates on 15-year mortgages inched down for a second day in a row, dropping another 2 basis points to rest at 6.40%. Like its 30-year sibling, the 15-year average also soared in late May. But the current average still sits well below last October's peak of 7.03%, which was a 15-year high.

After rising to 6.39% for the third time in less 🔯than two weeks, the jumbo 30-year average shed the gains on Thursday, falling back to 6.27%, a rate seen several times in May. That peak of 6.3🎐9% is estimated to be at least a 14-year high, as jumbo rate averages from earlier than 2009 are not available.

Thursday's refinancing averages mostly dropped, with the jumbo 30-year refi average falling 12 basis points to 6.27%. The 30-year refi average dropped 2 basis points and the 15-year refi average saw no change. Only two refi loan types ticked up: 10/6 and 7/6 adjustable rate mortgages (ARMs). The gap between new purchase and refi rates for a 30-year loan was 27 basis points on Thursday.

After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of 2022. The 30-year average shot to 6.38% by June 2022, which was more than double the rate of 2.89% seen just 10 months earlier. Then an even more dramatic surg𒆙e in September and October 2022 ꧑outdid the summer peak, with the 30-year average ultimately climbing another 1.2 percentage points and recording a 20-year high.

The recent surge in 30-year rates took the average to another high, 7 basis points above the October high-water mark. However, it's difficult to nail down how far back we'd have to go to find 30-year rates higher than what we saw on May 26, since daily rate averages weren't published before 2009.

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.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as the level and direction of the bond market, including 10-year Treasury yields; the Federal Reserve's current monetary policy, especially as it relates to funding government-backed mortgages; and 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 澳洲幸运5官方开奖结果体彩网:bond-buying policy is a major influencer on 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.

The 澳洲幸运5官方开奖结果体彩网:federal funds rate may also indirectly influence mortgage rates. It's set by the Fed's rate and policy committee—the Federal Open Market Committee (FOMC)—which meets every six to eight weeks. The next scheduled meeting will conclude on June 14.

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 representative of what customers should expect to see when rec✨eiving 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 of an 80% LTV and a credit score between 700♛–760.