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2d ago

U.S. Mortgage Rates Decline for Second Day, Easing Recent Highs

National 30-year purchase and refinance mortgage rates fell to 7.01% and 7.20%, respectively, as volatility persists with Treasury yields and Federal Reserve policy.

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Overview

  • The average 30-year fixed-rate mortgage for new purchases dropped to 7.01%, marking a two-day decline after recent highs in mid-April 2025.
  • Refinance rates for 30-year fixed mortgages also fell for the second consecutive day, settling at 7.20%.
  • Other loan types, including 15-year fixed and jumbo 30-year fixed mortgages, experienced similar rate decreases over the past two days.
  • Geographic disparities remain significant, with the cheapest 30-year purchase rates ranging from 6.81% to 6.99% in states like New York and California, while refinance rates are highest in states such as West Virginia and Alaska, averaging 7.25%–7.29%.
  • Macroeconomic factors, including 10-year Treasury yields, Federal Reserve decisions, and a recent U.S. credit downgrade, continue to influence mortgage rate fluctuations.