Rates on 30-year mortgages hovered Thursday slightly below the historic high they registered early this week. The rate average for 30-year new purchase loans isཧ now 8.41%, which is 4 basis points below the 23-year peak seen Tuesday. Rates on jumbo 30-year loans, however, jumped higher Thursday, establishing a new two-decade peak.

Because rates vary widely across lenders, it's always smart to shop around for your best mortgage option and compare rates regularly, no matter what typ🐬e of loan you're seekinꦓg.

Today's Mortgage Rate Averages: New Purchase

Rates on 30-yeaܫr mortgages moved a single basis point higher Thursday, bumping the average to 8.41%. On Monday and Tuesday, the flagship average had bolted 37 basis points higher to a new 23-year high of 8.45%.

The 15-year rate average also rose 1 basis point Thursday, climbing to 7.58%. That's now the highest level for 15-year new purchase rates since 2000.

Jumbo 30-year rates moved more dramatically Thursday, jumping 12 basis points to a new high of 7.52%. Daily jumbo rate history is not available before 2009, but it's estimated this 7.52% peak is the most expensive average for jumbo 30-year loans in more than 20 years.

Today's Mortgage Rate Averages: Refinancing

Refinancing rates mostly mirrored the movement of new purchase rates Thursday, with a single basis point gain for the 30-year refi average. The gap between 30-year 🧔new purchase and refi rates remains 25 basis points.

The 15-year refi average also added just 1 basis point, while the jumbo 30-year refi average jumped 12 basis points. The biggest mov💎er among refi rates was the VA 30-year average, which spiked 23 basis points higher, while the 5/6 ARM refi average declined 10 basis points.

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.

The states with the lowest 30-year new purchase averages Thursday were Delaware, Mississippi, Rhode Island, Iowa, Louisiana, Vermont, and Wisconsin, while the states with the highes❀t averages were Nevada, Arizona, Georgia, Minnesota, Oregon, Idaho, and Washington.

What Causes Mortgage Rates to Rise or Fall?

Mortgage ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚrates are determined by a ✤complex interaction of macroeconomic and industry factors, such as:

• The level and direction of the bond market, especially 10-year Treasury yields
• The Federal Reserve's current monetary policy, especially as it relates to bond buying and funding government-backed mortgages
• 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 is a major influencer of 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.

Since that time, the Fed has been aggressively raising the 澳洲幸运5开奖号码历史查询:federal funds rate to fight decades-high inflation. While the fed funds rate can influence ▨mortgage rates, it does not directly do so. In fact, the fed funds rate and mortgage rates can move in opposite directions.

However, given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over the last 18 months—even the indirect influence of the fed funds rate has resulted in an upward impact on mortgage rates over the last two years.

The Fed has two more rate-setting meetings scheduled in 2023, concluding Nov. 1 and Dec. 13. Though it's widely expected the Fed will hold rates steady at its November meeting, Fed Chair Jerome Powell has made it clear that 澳洲幸运5开奖💜号码历史查询:another rateꦇ increase is certainly possible at a future meeting.

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 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꧋𒅌, which may vary from advertised teaser rates.

Fꦅor 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 sco🥃re between 700–760.