Mortgage rates are starting out this week slightly above the national averages of a week ago. Though rates on the two most common mortgage types, 30-year and 15-year conventional loans, dropped a bit on Friday, they had previously edged higher for four consecutive days.

Macroeconomic factors were at play, as the 10-year treasury bond yield, which is highly correlated with mortgage rates, rose to 1.63% Friday from 1.58% at the start of the week. In addition, the Federal Reserve’s Open Market policy committee met on Wednesday, April 28, and issued guidance that they will continue to maintain the central bank’s interest rate charged to banks at or near 0%, which should keep mortgage rates relatively steady in the near term.

Current Mortgage Rates

The current averages of lenders’ minimum rates stood at 3.15% for 30-year fixed-rate mortgages, 2.41% for 15-year fixed-rate loans, and 3.99% on 7/1 adjustable-rate mortgages (ARMs). As is typical, refinancing rates were 15 to 25 basis points higher than new purchase loans. 

Today’s Mortgage Rates (Purchase)

While average national mortgage rates have trended up in the past week, it’s looking as if they will likely hold relatively steady in the immediate future given this week’s confirmation by the Fed that it will leave the Federal Funds Rate unchanged. But, Chairman Powell’s rosy assessment of the U.S. economy’s prospects point to coming inflationary pressure. In the meantime, historically low mortgage rates continue to drive record demand, placing upward pressure on building costs and home prices overall.

Today’s Mortgage Rates (Refinance)

Lowest Mortgage Rates by State (30-year Fixed)

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 term, and size, as well as individual lenders’ varying risk management strategies.

These rates are surveyed directly from over 200 top lenders.

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 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.