The average rate for a 30-year fixed mortgage gained 4 basis points Friday, ticking up to 7.26%, the highest rate we've seen in June. Before Friday's upward movement, rates dipped to 7.22%, where they held steady for two days. Most other mortgage rates also rose Friday, including the jumbo 30-year fixed rate which gained 12 basis points. Its refinance counterpart also jumped 12 basis points, as did a couple of jumbo adjustable rate mortgages (ARMs).

Today's National Mortgage Rate Averages

The 30-year fixed-rate mortgage average ticked up to 7.26% on Friday, after dropping and staying at 7.22% for two days. This increase of 4 basis points puts Friday's average at the highest we've seen in June. 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%.

The average rate for a 30-year fixed jumbo mortgage also ticked up, gaining 12 basis points, bringing it back to 6.39% for the fourth time in two weeks. Th🥃at peak of 6.39% is estimated to be at least a 14-year high, as jumbo rate averages from earlier than 2009 are not available. Its refi counterpart saw the same gains, as did a few jumbo ARM loans. 

Rates on 15-year mortgages moved up slightly, adding 2 basis points to bring it back to 6.42%, where it was on Wednesday last week. 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.

Friday's refinancing averages moved mostly in sync with the others. The 20-year fixed refi mortgage rate was the only refi rate to drop, shedding 6 basis points to land at 7.52%. The 30- and 15-year refi averages both gained 2 basis points. The gap between new purchase and refi rates for a 30-year loan was 25 basis points on Friday.

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 surge in September and October 2022 outdid 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 Fed's next meeting kicks off tomorrow, June 13, and they'll announce the rate decision on Wednesday, 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 receiving actual q﷽uotes 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 s🐽ame parameters of an 80% LTV and a credit score between 700–760.