Overview

• The average 30-year refinance mortgage rate fell by 8 basis points on Thursday, settling at 7.00%, a key threshold not seen consistently since last year.
• New purchase 30-year fixed mortgage rates also declined, dropping to an average of 6.87%, marking a 6 basis point decrease from the previous day.
• Rates for other loan types, including 15-year and jumbo 30-year mortgages, also saw reductions, with the national 15-year fixed refinance rate now at 5.97%.
• State-level mortgage refinance rates ranged from 6.78% to 7.11%, with New York, California, and Florida offering the lowest averages, while Kentucky and Alaska were among the highest.
• The Federal Reserve's decision to hold the federal funds rate steady in early 2025, following rate cuts in late 2024, continues to influence mortgage rate trends indirectly.