After rising for two days and then falling back for two days, 30-year mortgage rates have resumed inching higher with another two-day climb. Holding just below the 7% threshold, the Friday average was 6.98%. Rate movement was mixed for other mortgage types.

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 th🐠e type of home loan you seek.

Today's New Purchase Mortgage Rate Averages

Continuing a bobbing pattern, rates on 30-year new purchase mortgages gained 3 basis points Friday, adding to a 4-point rise on Thursday. That now nudges the average to 6.98%. Still, that's better than the mid-April peak of 7.14%, which was the most expensive reading since May 2024.

Back in September, however, 30-year rates saw a historic plunge—sinking to a two-year low of 5.89% that was more than a percentage point cheaper than today's rates. Still, the current average is much improved vs. late 2023, when rates catapulted to a historic 23-year peak of 8.01%.

Rates on 15-year mortgages also climbed, adding 2 basis points Friday to a 6.03% average. That's still 28 basis points cheaper than the April 11 average of 6.31%, the highest 15-year reading in close to a year. And it's far below October 2023's historic 7.08% peak—a 23-year high. But as with 30-year loans, 15-year rates dropped to a two-year low last September, plummeting to 4.97%.

Jumbo 30-year mortgage rates increased 4 basis points for a second day in a row. The Friday 6.96% average is still an improvement vs. the 7.15% reading three weeks ago, which was a 10-month high. Last fall, jumbo 30-year rates sank to 6.24%, their cheapest level in 19 months, while it's estimated their 8.14% peak in October 2023 was 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 was flat at 6.76%, after dipping from 6.83% over the previous two weeks. 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 dete🅰rmined by a complex interaction of macroeco﷽nomic 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 rat🦂e can influence mortgage rates, it doesn't directly do so. In fact, the fed funds rate and mortgage r♓ates 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 th🗹at 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 meetings scheduled this year, that means we could see more 🍃rate-hold announcements in 2025.

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 t💦he 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zill📖ow, Inc., 2025. Use is subject to the Zillow Terms of Use.