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4w ago

U.S. Mortgage Rates Hold Steady, Refinance Rates Dip Below 7%

30-year fixed mortgage rates remain at 6.84%, while refinance rates average 6.96%, reflecting stability following the Federal Reserve's decision to keep rates unchanged.

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Overview

  • The national average for 30-year fixed mortgage rates stayed at 6.84% on Monday, matching last week's high and remaining well below the October 2023 peak of 8.01%.
  • Refinance rates for 30-year mortgages ticked slightly lower to 6.96%, maintaining a level below 7% for over a week.
  • State-level variations persist, with new purchase mortgage rates ranging from 6.74% to 6.93% and refinance rates spanning 6.72% to 7.04%.
  • Macroeconomic factors, including bond market trends and lender competition, continue to drive fluctuations in mortgage rates.
  • The Federal Reserve's decision on March 19 to hold rates steady signals limited rate cuts for 2025, contributing to recent stability in the mortgage market.