Once again, the 30-year mortgage average has set a new 21-year high, climbing almost a tenth of a point Monday. After a slight dip Friday, Monday's rise takes the flagship average 6 basis points above last week's high-water mark.

The latest 30-year fixed-rate average is 7.76%. Rates vary widely across lenders, so it's always smart to shop around for your best mortgage option and compare rates regularly, no matter what type of loan you're in the market for.

Today's National Mortgage Rate Averages

The 30-year average jumped 9 basis points Monday, raising to 7.⭕76%. Last Thursday (and also on July 6), the average had reached 7.70%—its highest 🌠level since April 2002—making the latest average a new 21-year high.

Rates on 15-year mortgages declined by tꦕhe same single basis point that they 𒐪gained yesterday, leaving the 15-year essentially flat over the last two days. Currently at 7.11%, the average has twice notched a peak of 7.12% over the past week, which is its highest reading since 2002.

Jumbo 30-year rates held steady for a second day Monday. Sitting at 6.90%, the 30-year jumbo average is at the highest level on record since 2009. Though daily jumbo averages are not available before 2009, it's reasonable to estimate that today's 30-year jumbo rates are also at a 21-year high.

Other averages with double-digit gains Monday were the FHA and VA 30-year averages, as well as the FHA and Jumbo 15-year fixed averജages.

Refinancing rates moved very similarly to new purchase rates Monday, though the 30-year refi average added a slightly bolder 12 basis points. The 15-year refi average meanwhile added 2 basis points and the jumbo 30-year refi average again held steady. The gap between 30-year new purchase and refi rates has stretched to 32 basis points.

After a historical rate plunge in August 2021—which lowered thꦰe 30-year average to a remarkabꦏle 2.89%—mortgage rates have skyrocketed over the last two years. Major surges seen in June 2022, October 2022, May 2023, and this summer have pushed 30-year rates to the highest levels on record since April 2002.

Calculate monthly payments for different loan scenarios with our 澳洲幸运5开奖号码历史查询: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开奖号码历史查询:bond-buying policy 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 澳洲幸运5开奖号码历史查询:federal funds rate, which is set every six to eight weeks by the Fed's rate and policy committee—the Federal Open Market Committee (FOMC)—can also influence mortgage rates. However, it does not directly driveꦺ mortgage rᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚates, and in fact, the fed funds rate and mortgage rates can move in opposite directions.

At its latest meeting, which concluded on July 26, the Fed hiked rates by a widely expected 25 basis points, raising the fed funds rate to a range of 5.25% to 5.50%. Fed Chairman Jerome Powell said that because inflation is still above the Fed's target rate of 2%, the rate-setting committee could either raise rates again or pause when it meets on Sept. 20, depending on economic conditions.

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开奖号码历史查询:loan-to-value ratio (LTV) of 80% and an applicant w♋ith 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 cཧurrently 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.