Mortgage Rates Continue to Fall but Near 3-Week Lows – May 1, 2019

After falling for four days and then holding, 30-year new purchase mortgage rates edged a bit higher Wednesday—rising to a 6.90% average. The previous day’s reading marked the lowest level in three-weeks. The rate movement for other types of mortgages was mixed.

No matter what type of home loan or mortgage you are looking for, it is wise to shop around and compare rates to find the best rate.

Compare Current Mortgage Rates – May 1, 2020

Today's New Purchase Mortgage Rate Averages

After a month marked by large swings and a recent four day decline, the 30-year mortgage rates increased on Wednesday. The flagship average has now increased by a minor 3 basis point to 6.90%. That's still about a quarter percentage point better than two weeks ago, when a week-long surge of 44 basis points pushed the average to 7.14%—its most expensive reading since May 2024.

But back in September, 30-year rates saw a historic plunge—sinking to a two-year low of 5.89% that was roughly a percentage point lower today's rates. Still, today's average is more than 1.1 percentage points improved vs. late 2023, when rates catapulted to a historic 23-year peak of 8.01%.

The average rate for 15-year mortgages increased by one basis point to 5.93%. That's almost 40 basis points cheaper than the April 11 average of 6.31%, which was the highest reading in close to a year. The 15-year rate average, like the 30-year rate, fell to its lowest level in two years, a plummeting 4.97%, last September. Though today's 15-year average is elevated, it's 1.15 percentage points below October 2023's historic 7.08% reading—a 23-year high.

The jumbo 30-year mortgage rate also increased, but only by 2 basis points. It now stands at 6.83%. It was a 10-month-high reading two weeks earlier, when the rate was 7.15%. Last fall, jumbo 30-year rates sank to 6.24%, their cheapest level in 19 months, while it's estimated their 8.14% peak in October 2023 was the most expensive jumbo 30-year average in over 20 years.

The Weekly Freddie Mac Average

Freddie Mac, a government sponsored buyer of mortgages, publishes a weekly mortgage rate average every Thursday. Last week's reading dipped 2 basis points to 6.81%. In September last year, the average fell as low as 6.08%. But back in October 2023, Freddie Mac's average saw a historic rise, surging to a 23-year peak of 7.79%.

Freddie Mac's average differs from what we report for 30-year rates because Freddie Mac calculates a weekly average that blends five previous days of rates. Investopedia’s 30-year average, on the other hand, is a daily reading that provides a more accurate and timely indication of rate movements. In addition, the criteria for included loans (e.g., amount of down payment, credit score, inclusion of discount points) varies between Freddie Mac's methodology and our own.

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The rates we publish won’t compare directly with teaser rates you see advertised online since those rates are cherry-picked as the most attractive vs. the averages you see here. Teaser rates may involve paying points in advance or may be based on a hypothetical borrower with an ultra-high credit score or for a smaller-than-typical loan. The rate you receive will depend on your credit score, your income, and other factors. It may differ from the averages shown here.

What causes mortgage rates to rise or fall?

Mortgage rates are influenced by a complex combination of macroeconomic and industrial factors, including:

• The direction and level of the bond markets, particularly 10-year Treasury yields
• The Federal Reserve’s current monetary policies, particularly as they relate to bond buying and government-backed loans
• Mortgage lenders are competing with each other to offer different types of loans.

Because any number of these can cause fluctuations simultaneously, it's generally difficult to attribute the change to any one factor.

Macroeconomic factors kept mortgage rates low for most of 2021. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. This bond-buying program is a major factor in mortgage rates.

The Fed will begin to taper its bond purchases in November 2021. Each month, it will make significant reductions until the net is zero in March 2022.

Fed aggressively increased the federal funds rate between July 2023 and then to combat the inflationary levels that have been in place for decades. The fed funds rate does not directly affect mortgage rates. The fed funds rate can actually move in the opposite direction to mortgage rates.

But given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.

The Fed maintained its federal funds rate near its highest level for almost 14-months, starting in July of 2023. In September, the Fed announced a rate cut of 0.50 percent, followed by quarter-point cuts in November and Decembre.

For its second meeting of 2025, however, the Fed opted to hold rates steady—and it’s possible the central bank may not make another rate cut for months. The Fed released their quarterly rate forecast at their meeting on March 19, which showed that the central bankers’ median expectations for the remainder of the year were only two quarter-point rates cuts. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled per year.

How We Track Mortgage Rates

The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates are what borrowers will receive when they receive quotes from lenders, based on the qualifications of the borrower. These rates can differ from advertised teaser rate. © Zillow, Inc., 2025. Zillow’s Terms of Service apply.

Article Sources Investopedia requires that writers use primary sources in order to support their work. These include whitepapers, government data and original reporting as well as interviews with industry experts. We also use original research from other reputable publications when appropriate. Learn more about our standards for producing accurate and unbiased content by visiting our Editorial policy

1. Freddie Mac. “Mortgage Rates."

2. Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.

3. Federal Reserve Board. “Summary Economic Projections for March 19, 2025,” page 4.