The average 30-year fixed rate mortgage was 6.41% yesterday, unchanged since the day before. The 15-year fixed mortgage rate stood at 5.59%, the same as one the day before. The 30-year FHA mortgage averaged 5.78% yesterday, having stayed the same. Meanwhile, the 30-year jumbo mortgage rate was 6.7%, reflecting no change.
The bigger picture
If any economic report is likely to distract markets' attention from the Middle East, it's Friday's jobs report. And other quite important data are scheduled between now and then.
However, mortgage rates have for several weeks been driven mostly by investors' ever-shifting hopes and fears over the ending of disruption in the Middle East. And that's likely to continue to be the case until the Strait of Hormuz is fully reopened.
Mortgage rates begin this morning moderately higher than they were a week ago, but moderately lower than they were on the first Monday in April.It's worth stepping back and noting that mortgage rates today aren't particularly high by the standards of the last few years. It's only when you compare them with those immediately before the Middle East issue arose that they feel painful.
Scroll on down for details of today's economic report and how it might affect mortgage rates.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.41% | 6.44% | +0% | -0.02% |
| 15-Year Fixed | 5.59% | 5.63% | +0% | -0.01% |
| 30-Year Fixed FHA | 5.78% | 6.98% | +0% | +-0% |
| 30-Year Fixed VA | 5.88% | 6.02% | +0% | -0.04% |
| 30-Year Fixed USDA | 5.73% | 5.88% | +0% | -0.05% |
| 30-Year Fixed Jumbo | 6.7% | 6.71% | +0% | -0.14% |
| 5/6 Year ARM | 5.96% | 6% | +0% | -0.09% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.48% | 6.51% | +0% | -0.02% |
| 15-Year Fixed | 5.55% | 5.6% | +0% | -0.02% |
| 30-Year Fixed FHA | 5.77% | 6.97% | +0% | -0.01% |
| 30-Year Fixed VA | 5.86% | 6% | +0% | -0.05% |
| 5/6 Year ARM | 6.09% | 6.13% | +0% | +-0% |
What's coming up?
Although economic reports are usually the main drivers of changes to mortgage rates, they're not the only ones. The general mood in markets and economically consequential news can also affect those rates. News items concerning the war, employment, inflation, tariffs, and deficit funding are especially influential at the moment.
Mortgage rates today
There is only one economic report on today's MarketWatch economic calendar. And it's exceedingly rare for it to affect mortgage rates.
It provides factory orders data for March, but is regarded as too unimportant to earn a forecast of its outcome.
Still, there are several more crucial reports scheduled for this week, culminating in Friday's (normally) almighty jobs report.
