Movement in mortgage rates was mixed Friday, with most averages moving narrowly higher, including a minor bump up for the 30-year fixed-rate average. But the 15-year, 10-year, and 10/6 ARM averages dipped slightly, while three of the four jumbo averages marched in place.

Today's National Mortgage Rate Averages

The 30-year fixed-rate average climbed a modest 5 basis points Friday, closing out the week at 7.18%. After skyrocketing to anꦏ estimated 20-year high of 7.65% over a two-week period that culminated May 26, rates dropped dramatically last week, lowering the flagship average almost a half percentage point below the late May peak.

Friday's 15-year rates moved the other way, with the average dropping 4 basis points to 6.34%, for a total week-over-week drop of 36 basis points. Though 15-year rates had also soared from mid to late May, the average still sits well under its October peak, which was a 15-year high of 7.03%.

The jumbo 30-year average, meanwhile, stayed unchanged for a third consecutive day at 6.27%. Early last week, the jumbo 30-year average had notched what's estimated to be at least a 14-year high of 6.39%.

Friday's refinancing rates moved very similarly to new purchase rates, with the 30-year refi average climbing a minor 2 basis points, the 15-year average shedding 5 basis points, and the jumbo 30-year refi average holding steady. The gap between new purchase and refi rates for a 30-year loan was 27 basis points 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 oﷺutdid 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 that 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.

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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 receiving actual quotes from lenders based on their qualifications,ꩲ which may vary from advertised teaser rates.

For our map of the best state rates, the lowꦿest 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.