Saturday, June 22, 2024

30-Year Mortgage Rates Drop Again on Second Consecutive Day

National Mortgage Rate Averages for Refinance Loans

Are you considering refinancing your home? If so, you’ll want to stay informed about the latest national mortgage rate averages for refinance loans. Understanding the current rates can help you make informed decisions about when to refinance and which loan type may be best for your situation.

Here is a breakdown of the latest national mortgage rate averages for refinance loans:

– 30-Year Fixed: 7.92% with a daily change of -0.02
– FHA 30-Year Fixed: 6.60% with no change
– VA 30-Year Fixed: 6.53% with a daily change of -0.05
– 20-Year Fixed: 7.09% with a daily change of -0.09
– 15-Year Fixed: 6.17% with a daily change of -0.07
– FHA 15-Year Fixed: 6.33% with no change
– 10-Year Fixed: 7.89% with no change
– 7/6 ARM: 7.65% with a daily change of -0.03
– 5/6 ARM: 7.65% with a daily change of -0.04
– Jumbo 30-Year Fixed: 6.90% with a daily change of -0.13
– Jumbo 15-Year Fixed: 6.27% with no change
– Jumbo 7/6 ARM: 8.03% with no change
– Jumbo 5/6 ARM: 7.68% with a daily change of +0.02

These rates are provided via the Zillow Mortgage API and are based on a sample size of rate quotes. Keep in mind that the rates you see here are averages and may not directly compare to teaser rates advertised online. Your actual mortgage rate will depend on factors such as your credit score, income, and more.

Mortgage rates can vary by state, with some states offering lower rates than others. Factors such as credit score, loan type, and size can influence state-level variations in mortgage rates. For example, the states with the cheapest 30-year new purchase rates include New York, Alaska, Hawaii, Tennessee, Florida, Pennsylvania, Texas, and Utah.

What causes mortgage rates to rise or fall? Mortgage rates are influenced by a complex interplay of macroeconomic and industry factors. The Federal Reserve’s bond-buying policy, changes in the federal funds rate, and inflation levels can all impact mortgage rates. The Fed’s recent rate increases have led to a significant upward impact on mortgage rates over the last two years.

Tracking mortgage rates can help you make informed decisions about refinancing your home. The national and state averages provided by the Zillow Mortgage API are based on specific criteria, such as a loan-to-value ratio of 80% and a credit score in the 680–739 range. These rates are representative of what you can expect when receiving quotes from lenders based on your qualifications.

Stay informed about the latest mortgage rate averages to make the best decision for your refinancing needs. Keep an eye on market trends and consult with a financial advisor to determine the best course of action for your situation.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.

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