The average 30-year fixed rate mortgage is 6.9% today, an increase of 0.02% since yesterday. The 15-year fixed mortgage rate stands at 5.9%, up by 0.04%. The 30-year FHA mortgage now averages 6.19%, having risen by 0.04. Meanwhile, the 30-year jumbo mortgage rate is 7.55%, reflecting an increase of 0.19%.
The bigger picture
Like so many economic reports recently, yesterday's consumer price index (CPI) barely affected mortgage rates. It feels as if markets are so obsessed with tariff news that they're simply ignoring hard data.
That may change if and when those data begin to reflect the impact of tariffs on the gross domestic product and inflation rate. But the CPI showed no perceptible effect, and markets largely shrugged when it was published.
Markets may have a second target for obsession soon. Congress is working to finalize a budget containing significant tax cuts. But many economists are worried it could blow up the deficit.
One way to avoid that could be to push many federal spending responsibilities out to the states. However, many of these are already struggling with deficits of their own. And blowing those up may not help the overall economy, nor contain borrowing costs for the rest of us. Watch this space for what begins to emerge from Capitol Hill 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 | 6.9% | 6.93% | +0.02% | -0.08% |
| 15-Year Fixed | 5.9% | 5.95% | +0.04% | -0.11% |
| 30-Year Fixed FHA | 6.19% | 7.39% | +0.04% | -0.1% |
| 30-Year Fixed VA | 6.33% | 6.48% | +0.01% | -0.05% |
| 30-Year Fixed USDA | 6.13% | 6.27% | -0.02% | -0.28% |
| 30-Year Fixed Jumbo | 7.55% | 7.56% | +0.19% | +0.04% |
| 5/6 Year ARM | 7.21% | 7.25% | +0.05% | +0.19% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.95% | 6.98% | +0.03% | -0.11% |
| 15-Year Fixed | 5.88% | 5.93% | +0.04% | -0.14% |
| 30-Year Fixed FHA | 6.18% | 7.38% | +0.04% | -0.11% |
| 30-Year Fixed VA | 6.4% | 6.55% | +0.02% | -0.1% |
| 5/6 Year ARM | 7.54% | 7.57% | +0.04% | +0.56% |
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.
Mortgage rates today and tomorrow
No economic reports are scheduled for today. But a couple of fairly important ones are on tomorrow's MarketWatch economic calendar.
Those include retail sales data for April. The headline number is expected to tumble to 0.1% growth, compared with 1.4% in March.
The other potentially important report tomorrow is April's producer price index (PPI). For once, the PPI could be more consequential than the CPI.
That's because it's more likely to show some impact from tariffs. PPIs measure price changes at the factory and wholesale level, so they often reveal movements before they reach retailers' shelves and other outlets.
Indeed, this PPI is expected to show prices rising, though not all that fast. A couple of other reports are also due tomorrow, including industrial production in April. But these only rarely affect mortgage rates.
