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2d ago

U.S. 30-Year Mortgage Rates Return to 7%, Refinance Rates Reach 7.16%

After two consecutive days of increases, national averages for purchase and refinance rates rise, while the Federal Reserve maintains its steady policy stance.

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Overview

  • The average rate for 30-year fixed-rate purchase mortgages climbed to 7.00%, marking a notable two-day increase.
  • Refinance rates for 30-year fixed mortgages also rose to 7.16%, following similar two-day gains.
  • Freddie Mac’s weekly 30-year mortgage rate average dipped slightly to 6.76%, highlighting differences in rate tracking methodologies.
  • New York, California, Florida, and Texas continue to offer the lowest refinance rates, collectively representing about a third of the U.S. population.
  • The Federal Reserve held its federal funds rate steady at its latest meeting, projecting only two quarter-point cuts for the remainder of 2025.