Mortgage Rates April 2023: 30-Year Fixed at 6.59% - Trends & Insights

The 30-year mortgage rate average experienced a second consecutive day of decline, while most other loan averages remained steady or saw minor decreases.

On Thursday, mortgage rate movements were generally stable to slightly downward. Jumbo loan rates remained unchanged, whereas the 30-year fixed-rate average dropped by less than 0.1%.

Current National Mortgage Rate Averages

The 30-year fixed mortgage rate declined by 8 basis points on Thursday, marking a nearly quarter-point drop over two days after reaching 6.83% earlier this week. It currently stands at 6.59%, positioned between February’s five-month low of 6.11% and October’s two-decade peak of 7.58%.

Similarly, the 15-year fixed mortgage rate decreased slightly by 4 basis points to an average of 5.87%. Rates have fluctuated between a 15-year high of 7.03% last October and a recent low of 5.23% in February.

Jumbo 30-year fixed rates held steady at 5.77%, remaining close to October’s 12-year high of 6.27%.

Refinance rates showed minimal movement, with the 30-year refinance average dipping by 1 basis point and the 15-year refinance rate decreasing by 4 basis points. Jumbo 30-year refinance rates remained unchanged. Currently, refinancing a 30-year mortgage costs approximately 40 basis points more than initiating a new 30-year purchase loan.

Following a historic drop in mortgage rates in August 2021, rates surged throughout the first half of 2022. The 30-year average peaked at 6.38% in mid-June, nearly 3.5 percentage points above the summer 2021 low of 2.89%. Subsequent spikes in September and October pushed rates even higher, exceeding the June peak by 1.2 percentage points.

Important Considerations

Displayed mortgage rates reflect typical averages and may differ from promotional teaser rates advertised online. Those special rates often require upfront points or assume ideal borrower profiles, such as high credit scores or smaller loan amounts relative to home value.

Use our Mortgage Calculator to estimate monthly payments tailored to your loan scenarios.

Factors Influencing Mortgage Rate Fluctuations

Mortgage rates are influenced by a complex mix of macroeconomic elements and industry dynamics, including movements in the bond market—especially 10-year Treasury yields—the Federal Reserve’s monetary policies affecting government-backed mortgage funding, and competitive pressures among lenders and loan types. Because multiple factors often act simultaneously, pinpointing a single cause for rate changes is challenging.

Throughout much of 2021, mortgage rates remained relatively low due to the Federal Reserve’s extensive bond-buying programs aimed at mitigating pandemic-related economic impacts. This policy, rather than the federal funds rate, significantly shaped mortgage rate levels.

Starting November 2021, the Fed began tapering bond purchases monthly, culminating in a net-zero purchase level by March 2022.

The Federal Open Market Committee (FOMC), the Fed’s policy-setting body, convenes every six to eight weeks, with the next meeting scheduled for May 3, 2023.

Methodology

National mortgage rate averages are derived from the lowest rates offered by over 200 leading lenders nationwide, assuming an 80% loan-to-value ratio and a borrower with a FICO score between 700 and 760. These averages provide a realistic expectation of rates borrowers may receive, which can differ from advertised teaser rates.

Our state-level rate map reflects the lowest available rates under the same criteria, showing regional variations in mortgage pricing.

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