After dropping 4 to 5 basis points Tuesday, mortgage rates edged down another point yesterday. Averages for 15-year fixed and 30-year jumbo loans are now at their lowest level of the last seven weeks.

National Averages of Lenders' Best Rates
Loan Type Purchase Refinance
30-Year Fixed 3.09% 3.30%
FHA 30-Year Fixed 2.97% 3.16%
Jumbo 30-Year Fixed 3.30% 3.54%
15-Year Fixed 2.32% 2.55%
5/1 ARM 2.87% 2.99%
National averages of the lowest rates offered by more than 200 of the country's top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700-760, and no mortgage points.
Mort ranges THU

Today's National Mortgage Rate Averages

Average 30-year conventional rates dipped another point Wednesday, after a more substantial drop the previous day. The average is now down to 3.09%.

Meanwhile, 15-year fixed-rate loans currently average 2.32%, and jumbo 30-year fixed rates, 3.30%, both of them lowering their rate floor of the past 45 days.

Averages for refinance loans were 19 to 24 basis points higher than new purchase rates on fixed-rate loans, while 5/1 ARM refinancing carried only a 12-basis point premium over new purchase rates yesterday. 

Important:

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.

National Averages of Lenders' Best Rates - New Purchase
Loan Type New Purchase Daily Change
30-Year Fixed 3.09% -0.01
FHA 30-Year Fixed 2.97% No Change
VA 30-Year Fixed 3.00% No Change
Jumbo 30-Year Fixed 3.30% No Change
20-Year Fixed 2.89% -0.02
15-Year Fixed 2.32% -0.01
Jumbo 15-Year Fixed 2.87% -0.04
10-Year Fixed 2.18% -0.01
10/1 ARM 2.83% -0.07
10/6 ARM 3.27% +0.05
7/1 ARM 3.29% -0.27
Jumbo 7/1 ARM 2.25% -0.03
7/6 ARM 2.69% -0.16
Jumbo 7/6 ARM 2.51% No Change
5/1 ARM 2.87% -0.32
Jumbo 5/1 ARM 2.18% -0.04
5/6 ARM 3.21% +0.03
Jumbo 5/6 ARM 2.44% No Change
National Averages of Lenders' Best Rates - Refinancing
Loan Type Refinance Daily Change
30-Year Fixed 3.30% No Change
FHA 30-Year Fixed 3.16% No Change
VA 30-Year Fixed 3.25% No Change
Jumbo 30-Year Fixed 3.54% -0.02
20-Year Fixed 3.18% -0.02
15-Year Fixed 2.55% -0.01
Jumbo 15-Year Fixed 3.10% -0.02
10-Year Fixed 2.44% -0.01
10/1 ARM 3.05% -0.11
10/6 ARM 4.29% -0.03
7/1 ARM 3.76% -0.09
Jumbo 7/1 ARM 2.55% -0.21
7/6 ARM 3.53% -0.24
Jumbo 7/6 ARM 2.77% No Change
5/1 ARM 2.99% -0.74
Jumbo 5/1 ARM 2.41% -0.19
5/6 ARM 4.22% +0.01
Jumbo 5/6 ARM 2.71% No Change

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.

Macroeconomic factors have kept the mortgage market relatively low for the last six 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 Fed's next guidance will be announced June 16.

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 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.