Investing News

Mortgage rates saw little change yesterday, keeping them at the higher levels they reached last week after a spike in the latest monthly inflation indicators.

Today’s National Mortgage Rate Averages

National average rates on 30-year fixed conventional loans held at 3.14% yesterday, higher than their 3.02% low of the previous three weeks. Similarly, 15-year conventional mortgages are averaging 2.42%, after hitting a recent low of 2.32% a week ago.

The current national average for 30-year Jumbo mortgages sits at 3.40%, with 5/1 adjustable-rate mortgages (ARMs) at 3.03%.

Today’s averages for refinancing loans are 18 to 29 basis points higher than new purchase rates on fixed-rate loans, and 47 basis points higher when refinancing with a 5/1 ARM. 


The rates you see here generally won’t compare directly with teaser rates you see advertised online, since those rates are cherry-picked as the most attractive. They may involve paying points in advance, or may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan given the value of the home.

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 term, and size, as well as individual lenders’ varying risk management strategies.

These rates are surveyed directly from over 200 top lenders.

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 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.

Maroeconomic factors have kept the mortgage market relatively flat for the last two weeks. Among those factors are the Federal Reserve’s April 28 guidance to Fannie Mae and Freddie Mac to continue buying government-backed mortgages at their current volume. Though there had been speculation about whether the Fed would recommend pulling back on mortgage buying, it instead announced staying the course.


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 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, which may vary from advertised 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.