Editor's Note: Investopedia will not publish daily mortgage rate news on Nov. 23 or Nov. 24. We will return to our daily rate coverage on Monday, Nov. 27, after the Thanksgiving holiday weekend.

After jumping 20 basis points Monday, the 30-year mortgage rate average fell back Tuesday, closer to its two-month low. The flagship rate lost 18 basis points, landing at 7.69%. That's much closer to the 7.64% we saw last Thursday, which was its lowest level since September.

All other averages droppe🤪d or remained unchanged, except for one: the 7/6 ARM rate average, which gained 13 basis points.

Rates vary widely across lenders, so it's always smart to shop around for your best mortgage option and com🥀pare rates regularly, no matter ဣwhat type of loan you're seeking.

Today's Mortgage Rate Averages: New Purchase

Over the past week, 30-year mortgage rates have moved in a dramatic yo-yo pattern, reaching up to 8.07% on Nov. 13 and sinking to a two-month low of 7.64% on Nov. 16. The current average is 7.69%, 18 basis points lower than the day before and much closer to the two-month low. Rates are still substantially lower than Oct. 17's peak average of 8.45%, a 23-year high for 30-year home loans.

Tuesday's 15-year mortgage rate average dropped just 2 basis points, falling just under the 7% threshold. Friday's 15-year average of 6.94% was the lowest reading since August, while Oct. 23 saw the 15-year mortgage average shoot up to 7.59%, its highest mark since 2000.

Jumbo 30-year rates remained steady at 6.94% for the fourth day in a row. Though daily jumbo rates were 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 new purchase rate to r♛ise🌜 Tuesday was the 7/6 ARM rate average, which increased 13 basis points.

Today's Mortgage Rate Averages: Refinancing

Refinancing averages moved similarly to new purchase rates Tuesday, dropping or staying the same from the day prio🧸r. The 30-year refi average fell 1 basis point. The gap between 30-ye🅰ar new purchase and refi rates is now 44 basis points, the biggest gap since last Thursday. The 15-year refi average also inched lower by 2 basis points, while the jumbo 30-year refi average remained unchanged. No refi rate averages moved higher on Tuesday.

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 with the lowest 30-year new purchase averages were Vermont, Delaware, an🦹d North Carolina, while the states with the highesꦗt averages were Minnesota, Oregon, Nevada, and Arizona.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex in🔥teraction 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
• 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 Nov. 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 mortgage 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. Though Fed Chair Jerome Powell made it clear that 澳洲幸运5官方开奖结果体彩网:anotherꦓ rate increase is st𒁃ill possible at a future meeting, 澳洲幸运5官方开奖结果体彩网:encouraging inflation data released Nov. 14 has since dampened almost all expectations of future increas🥂es. The Fed’s next rate announcement will be made on Dec. 13.

How We Track Mortgage Rates

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 FI🔴CO credit score in the 700–760 range. The resulting rates are representative of what customers should expect to see when receꦯiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rates.

For our map of th✅e 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 be📖tween 700–760.