Mortgage Rates Drop to 3-Month Lows, Boosting New Home Listings
Rates on 30-year mortgage loans have fallen to their lowest level since September, with the average now at 7.53%. Refinancing rates, however, have increased for 30-year loans. Rates on 15-year loans and jumbo 30-year loans have also dropped. The lowest mortgage rates vary by state, with Vermont, Mississippi, and Delaware having the lowest rates for new purchases. Factors influencing mortgage rates include the bond market, the Federal Reserve's monetary policy, and competition among lenders. The Fed has been tapering its bond purchases and raising the federal funds rate, which indirectly impacts mortgage rates.