Mortgage and Refinance Rates Hold Near Seven-Week Lows

National averages for 30-year fixed loans remain below 7%, with minor fluctuations across loan types as the Federal Reserve holds rates steady.

The national average for 30-year fixed mortgage refinance rates rose slightly to 6.97%, maintaining a level below 7% for the second consecutive day.
New purchase 30-year fixed mortgage rates also edged up by 1 basis point to 6.80%, marking one of the lowest levels since December 2024.
State-level variations show refinance rates ranging from 6.66% to 7.05%, with New York, Florida, and California among the states offering the lowest averages.
Macroeconomic factors, including Federal Reserve policies and bond market trends, continue to influence mortgage rate movements.
The Federal Reserve has held its benchmark rate steady in early 2025 following rate cuts in late 2024, with no immediate changes expected in upcoming months.