Today's Mortgage Rates & Trends - May 19, 2023: Rates Climb

Week-long rise for 30-year average bumps it to highest level in more than two months

Mortgage Rates for Friday, May 19, 2023


Mortgage rate averages were up across almost all loan types again yesterday, with what is now a week's worth of increases boosting the 30-year average to its highest level in more than two months. Meanwhile, the 30-year mortgage refinance rate average surged almost a quarter percentage point.

National Averages of Lenders' Best Rates
Loan Type Purchase Refinance
30-Year Fixed 7.09% 7.67%
FHA 30-Year Fixed 7.34% 7.65%
Jumbo 30-Year Fixed 6.27% 6.27%
15-Year Fixed 6.33% 6.50%
5/6 ARM 7.11% 7.20%
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.

Today's National Mortgage Rate Averages

Rates on 30-year loans continued to climb Thursday, tacking on another 8 basis points to what is now a five-day ascent that's added 27 points to the flagship average. Reaching 7.09%, the 30-year average is at its highest point since March 9, when it hit 7.25%. Rates on 30-year home loans continue to move in a range well above the five-month low of 6.11% enjoyed in February but are still sitting considerably below the 20-year high of 7.58% seen in October.

Thursday's 15-year rates saw almost identical news as 30-year rates. Also rising 8 basis points, the 15-year average has reached its highest reading since March 9 as well. Now up to 6.33%, the 15-year mortgage rate average continues to move in a space between a February valley of 5.23% and an October 15-year peak of 7.03%.

The jumbo 30-year and jumbo 5/6 ARM averages were the only averages that didn't rise Thursday, both holding steady for a third consecutive day. The current jumbo 30-year average of 6.27% matches its highest point in nearly 13 years, though it has registered at that level several times this month.

Movement among refinancing rates was highlighted by a surge in the 30-year refinance average, which jumped 24 basis points and created an unusually large gap of 58 points between the 30-year new purchase and refi averages. Meanwhile, the 15-year refi average added 9 basis points. The jumbo 30-year refi average had no change for a third day.

After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of 2022. Indeed, 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 high.

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 they 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
New Purchase Daily Change
30-Year Fixed 7.09% +0.08
FHA 30-Year Fixed 7.34% +0.11
VA 30-Year Fixed 7.34% +0.25
Jumbo 30-Year Fixed 6.27% No Change
20-Year Fixed 6.92% +0.11
15-Year Fixed 6.33% +0.08
Jumbo 15-Year Fixed 6.39% +0.12
10-Year Fixed 6.28% +0.10
10/6 ARM 7.17% +0.16
7/6 ARM 7.03% +0.06
Jumbo 7/6 ARM 6.33% +0.12
5/6 ARM 7.11% +0.10
Jumbo 5/6 ARM 6.31% No Change
National Averages of Lenders' Best Rates - Refinance
Loan Type Refinance Daily Change
30-Year Fixed 7.67% +0.24
FHA 30-Year Fixed 7.65% +0.13
VA 30-Year Fixed 7.49% +0.11
Jumbo 30-Year Fixed 6.27% No Change
20-Year Fixed 7.42% +0.19
15-Year Fixed 6.50% +0.09
Jumbo 15-Year Fixed 6.39% +0.12
10-Year Fixed 6.45% +0.09
10/6 ARM 7.53% +0.10
7/6 ARM 7.46% +0.06
Jumbo 7/6 ARM 6.43% +0.12
5/6 ARM 7.20% +0.01
Jumbo 5/6 ARM 6.31% No Change

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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 bond-buying policy (and not the more publicized 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.


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.

Article Sources
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  1. Congressional Research Service. "Federal Reserve: Tapering of Asset Purchases," Page 1.

  2. Board of Governors of the Federal Reserve System. "FOMC Meeting Calendar."

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