Today’s Mortgage Interest Rates & Trends

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The mortgage markets showed little movement yesterday, keeping today’s interest rates at or just below what they were a day ago for almost all mortgage types.

Macroeconomic factors have kept the mortgage market relatively stable for the past two weeks. These factors include the Federal Reserve’s April 28 guidelines to Fannie Mae and Freddie Mac to continue buying government-protected mortgages at their current levels. Despite speculation that the Fed would recommend withdrawing the mortgage purchase, it announced instead that it would stay on course.

Current interest rates for popular mortgage types

Today’s average lender minimum interest rates decreased one basis point to 3.11% for 30-year fixed conventional loans, while it was 3.00% for 30-year FHA and VA loans. In the 15-year term, the interest rates remained constant at 2.38%, while the average was 5/1 adjustable rate mortgages (ARMs) slipped 4 basis points to 2.97%.

As usual, the refinancing rate on fixed terms is 10 to 25 basis points higher than for new purchase loans, while the margin for 5/1 ARM refinancing loans was almost half a percentage point.

National averages of the best interest rates from lenders
Loan type purchase Refinancing
Fixed for 30 years 3.11% 3.27%
30 years fixed (FHA) 3.00% 3.11%
30 years fixed (VA) 3.00% 3.16%
Fixed 15 years 2.38% 2.60%
5/1 ARM 2.97% 3.42%

National average of the lowest interest rate offered by more than 200 of the country’s top lenders with a loan-to-value (LTV) ratio of 80% and an applicant with a FICO credit score in the 700-760 range .

Important:

The prices you see here are generally not compared directly to the teaser prices advertised online as these prices are selected as the most attractive. They can include prepayment of points or be selected based on a hypothetical borrower with an extremely high credit score or taking out less than typical credit given the value of the home. The interest rates shown here are the lowest our surveyed lenders offer for a typical applicant, for the most common loan size (80% LTV), and with no prepayment points.

All of today’s mortgage rates

Mortgage rates are determined by a complex interplay of macroeconomic and industry-related factors such as the level and direction of the bond market, including ten-year government bond yields. the current monetary policy of the Federal Reserve, particularly in relation to funding of government-secured mortgages; and competition between lenders and between types of credit. Since fluctuations can be caused by any number of these at the same time, it is generally difficult to assign the change to a specific factor.

National Lender Averages of Best Interest Rates – New Purchase
Loan type New purchase Daily change
Fixed for 30 years 3.11% -0.01
30 years fixed (FHA) 3.00% +0.02
30 years fixed (VA) 3.00% -0.01
Fixed 20 years 2.92% -0.02
Fixed 15 years 2.38% No change
Fixed 10 years 2.23% No change
Fixed jumbo 30 years 3.37% -0.02
Fixed jumbo 15 years 3.02% -0.05
10/1 ARM 3.07% -0.02
10/6 ARM 4.10% -0.08
7/1 ARM 3.91% -0.06
7/6 ARM 2.97% -0.22
5/1 ARM 2.97% -0.04
5/6 ARM 3.35% -0.10
Jumbo 7/6 ARM 2.69% -0.13
Jumbo 7/1 ARM 2.70% +0.01
Jumbo 5/6 ARM 2.69% No change
Jumbo 5/1 ARM 2.59% +0.06
National averages of Lender’s Best Interest Rates – Refinance
Loan type Refinancing Daily change
Fixed for 30 years 3.27% -0.01
30 years fixed (FHA) 3.11% -0.01
30 years fixed (VA) 3.16% -0.04
Fixed 20 years 3.16% -0.01
Fixed 15 years 2.60% No change
Fixed 10 years 2.51% No change
Fixed jumbo 30 years 3.65% -0.02
Fixed jumbo 15 years 3.25% -0.01
10/1 ARM 3.61% +0.06
10/6 ARM 4.32% -0.06
7/1 ARM 4.18% -0.03
7/6 ARM 3.96% -0.08
5/1 ARM 3.42% -0.07
5/6 ARM 4.13% -0.06
Jumbo 7/6 ARM 2.96% -0.13
Jumbo 7/1 ARM 3.02% -0.12
Jumbo 5/6 ARM 2.96% No change
Jumbo 5/1 ARM 2.76% -0.11

National average of the lowest interest rate offered by more than 200 of the country’s top lenders with a loan-to-value (LTV) ratio of 80% and an applicant with a FICO credit score in the 700-760 range .

Lowest mortgage rates by federal state

The lowest available mortgage rates vary by country of origin. Mortgage rates can be affected by differences in creditworthiness, average duration and size of the mortgage loan at the state level, and the different risk management strategies used by individual lenders.

These interest rates are collected directly from over 200 top lenders.

methodology

The above national averages have been calculated based on the lowest interest 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 range of 700-760. The resulting prices are representative of what customers should expect when receiving actual quotes from lenders based on their qualifications and may differ from the teaser prices quoted.

Our Best State Rates Card lists the lowest rate currently offered by a surveyed lender in that state, assuming the same parameters as an LTV of 80% and a credit score between 700 and 760.

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