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Mortgage Rates Decline After Recent Surge, Easing Borrowing Costs

Both 30-year purchase and refinance rates saw notable drops on Monday, though they remain well above historic lows.

A "For Sale" sign is posted outside a residential home in the Queen Anne neighborhood of Seattle, Washington, U.S. May 14, 2021. REUTERS/Karen Ducey/File Photo
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Overview

  • The average 30-year fixed mortgage purchase rate fell to 7.07% on Monday, reversing a week of sharp increases.
  • Refinance rates for 30-year fixed mortgages dipped to 7.23%, down 8 basis points from last Friday's peak of 7.31%.
  • Despite the declines, current mortgage rates are still significantly higher than the two-year lows recorded last September.
  • Federal Reserve policies, including recent rate cuts and holds, remain a key driver of ongoing market volatility in mortgage rates.
  • State-level variations show refinance rates ranging from as low as 6.98% in states like California to as high as 7.35% in states such as Alaska and West Virginia.