Rates on new 30-year mortgages declined significantly Thursday, bringing the flagship average to 7.00%. The average has shed 15 points in the past four days after notching a one-year high the week prior. 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 rat☂es regularly, no mat🐓ter the type of home loan you seek.

Today's New Purchase Mortgage Rate Averages

Rates on 30-year new purchase mortgages dropped 8 basis points Thursday, bringing the average to 7.00%. Mortgage rates have now declined three out of the four previous days. Last Thursday's reading of 7.15% was the highest 30-year average since May 2024.

Last fall, however, 30-year rates saw a historic plunge—sinking to a two-year low of 5.89% that was about 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 4 basis points Thursday, for a new average of 6.04%. That's cheaper than mid-April's 6.31% reading that 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 shed 7 points Thursday, following a decline of 15 points earlier in the week. That brings the average to 6.94% after last week registering a 10-month high of 7.16%. Last fall, in contrast, jumbo 30-year rates sank to 6.24%, their cheapest level in 1💛9 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. Yesterday'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 interaction of macroeconomic and ཧindustry 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 i෴nflation. 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 fol🎀lowed that with quarter-point reductions in Nov⭕ember 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 mo🐭re 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 th🅷e 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. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.