Mortgage rates rose almost across the board again Friday, with both the 30-year and jumbo 30-year averages reaching new territory. The fওlagship 30-year average is now above the 20-year h🤡igh-water mark it saw last October, while the jumbo average is now at its highest level in at least 14 years.

The 30-year refinancing average meanwhile touꦏched 8.00% for the first time in recent history, surpassing the October peak of 7.99%.

Today's National Mortgage Rate Averages

Rates on 30-year fixed mortgages have risen every day but one since May 12, with another eighth of a point climb Friday. Surging 83 basis points over the last two weeks, the 30-year average is now 7.65%, having blown past last October's peak of 7.58%. That average was estimated to be the highest reading since 2002.

It's difficult to nail down how far back we'd have to go to find 30-year rates higher than Friday's, since daily rate averages weren't published before 2009. On Thursday morning, Freddie Mac will release its new average, which may provide context about how historic the current levels are. However, Freddie Mac's average is a weekly calculation spanning five day's worth of rate activity, so it can vary significantlyꦕ from our more precise daily averages.

Rates on 15-year loans climbed more modestly Friday, adding 7 basis points to reach an average of 6.70%. Thou꧟gh the 15-year average has also soared the last two weeks, it remains well below its October peak, which was a 15-year high of 7.03%.

After holding for eight consecutive days, the 30-year jumbo average finally showed🍃 movement, rising 12 basis points to reach a 🧜new peak of 6.39%. Historical data on jumbo 30-year rates is even less available from past years than for standard 30-year loans. But we can estimate that the current jumbo rates are the highest reading since at least 2009, making the current average at least a 14-year peak.

Friday's refinancing rates moved even more dramatically for 30-year refi loans, jumping 29 basis points to touch the 8.00% threshold. The most recent high had been 7.99% in October. Refi rates on 15-year and jumbo 30-year loans moved similarly to their new purchase counterparts, rising 7 and 12 basis points, respectively. The gap between new purchase and refi rates for a 30-year loan was 35 basis points.

After a historical rate plunge in August 2021, mor🐠tgage 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 outdid the June peak, with the 30-year average ultimately climbing another 1.2 percentage points and recording a 20-year hi✱gh.

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.

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 (and not the more publicized 澳洲幸运5官方开奖结果体彩网:federal funds rate) 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 Fed's rate and policy committee—the Federal Open Market Committee (FOMC)—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 le🅰nders based on their qualifications, which may vary from a♋dvertised teaser rates.

For our map of♋ the 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 between 700–760.