Rates on new 30-year mortgages continued a multiday slide Friday, lowering the flagship average to 6.99%—its first time below the 7% mark in three weeks. Rate movement was down 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 rates regularly, no matter the type of home loan you seꦇek.

Today's New Purchase Mortgage Rate Averages

Rates on 30-year new༒ purchase mortgages dipped another basis point Friday, for the fourth decline in five market days. Now at 6.99%, the average has shed 16 points over the week, after recently notching a one-year high of 7.15%.

Last fall, however, 30-year rates saw a historic plunge—sinking to a two-year low of 5.89% that was 1.1 percentage points cheaper than today's rates. Still, today's average is much improved vs. late 2023, when rates catapulted to a historic 23-year peak of 8.01%.

Rates on 15-year mortgages subtracted 3 basis points Friday, for a new average of 6.01%. That's notably cheaper than mid-April's 6.31% reading, which was the highest average in close to a year. And it's more than a full percentage point below October 2023's 7.08% peak—a historic 23-year high. But as with 30-year loans, 15-year rates dropped to a two-year low last September, when they plummeted to 4.97%.

Jumbo 30-year mortgage rates meanwhile ticked up 2 basis points Friday, following a multi-day decline of 22 points. That brings the average to 6.96% after the previous week's 10-month high of 7.16%. Last fall, in contrast, jumbo 30-year rates sank to 6.24%, their cheapest level in 19 months, while the 8.14% peak in October 2023 is estimated to be 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 ticked up another 3 basis points to 6.89%. 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 interactio🌄n 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 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 points, and then followed that with quarter-point reductions in November and ꦿDecember.

For its third 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 five more rate-setting meetingඣs scheduled this year, that means we could see more rate-hold announcements in 20♕25.

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. The resulti🅷ng 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.