Overview

• Thirty-year fixed mortgage rates slipped 3 basis points Friday to 7.12%, retreating from Thursday’s one-year high of 7.15%.
• Thirty-year refinance rates edged down 3 basis points to 7.29%, pulling back from a recent 10-month peak of 7.32%.
• The Federal Reserve maintained its benchmark rate at its May meeting, marking the third consecutive hold since late 2024.
• Debate over President Trump’s proposed tax bill sent the 10-year Treasury yield to its highest level since February, earlier propelling mortgage rates upward.
• State-level variations persisted, with New York and California offering 30-year purchase rates below 7.1% while Alaska and West Virginia topped 7.3%.