Mortgage Interest Rates Approaching Lowest Point in 21 Days
Scooping the Latest on Mortgage Rates - May 2, 2025
Take a gander at the current state of the mortgage market, where the jive's been changin' for the past week. Rates on the 30-year new purchase mortgage are boppin' around in a tight zone, with a Thursday dip sliding the flagship average all the way down to 6.88%. Not too shabby, but still about a quarter percentage point higher than three weeks ago—ouch!
Mortgage rates ain't consistent across the board, hasten to add. You bet your boots you should browse around for the very best mortgage rate, always comparing rates frequently, no matter which type of home loan you're chasin'.
Check Today's Mortgage Rates - Get Latest Updates
Since rates vary like a whirlwind 'cross lenders, it's common sense to poke around for your sweetest mortgage rate and scrutinize 'em regularly, whatever type of home loan you're on the hunt for.
Today's New Purchase Mortgage Rate Averages (May 2, 2025)
Witness the wobble over the past week, as rates have barely budged after a month of wild swings. On Thursday, rates took a dive of 2 basis points, dropping the average down to a smidge over 6.88%. Way back in late September, rates embarked on a historic plunge, hitting a low of 5.89%. Today, rates are almost 1.15 percentage points better than they were in late 2023, when they hit a preposterous 23-year peak of 8.01%.
Rates for 15-year mortgages stayed put on Thursday, rested at a 5.93% average. That's a whopping 40 basis points cheaper than the April 11 average, the priciest reading in close to a year. In September, the 15-year rates tumbled, reaching their lowest point in two years, a measly 4.97%. Despite today's elevated 15-year average, it's still 1.15 percentage points below October 2023's horror show, a 23-year record of 7.08%.
Jumbo 30-year rates slid four basis points on Thursday, settling at 6.79% on average. Compare that to an upscale 7.15% reading just a couple of weeks prior, which was the highest reading in ten months. In fall 2021, jumbo 30-year rates received a warm welcome at 6.24%, their cheapest rate in 19 months. Estimates suggest the peak of October 2023 clocked in at an eye-watering 8.14%, the most expensive jumbo 30-year rate in over 20 years.
The Weekly Freddie Mac Average
Freddie Mac, the government-backed buyer of mortgage loans, generally drops a weekly average of 30-year mortgage rates right smack dab on Thursday. This week's average got a 5 basis point drop, landing at 6.76%. In September, the average dropped as low as a cheeky 6.08%. However, in October 2023, Freddie Mac's average blissed out to a 23-year peak of 7.79%.
Why does Freddie Mac's average swoon elsewhere from what we report for 30-year rates? Because ol' Freddie Mac calculates a weekly average based on five previous days of rates, whereas our Investopedia 30-year average is a daily reading, offering a more zippy, real-time indicator of rate movement. Additionally, the criteria for included loans, such as down payment size, credit score, and the inclusion of discount points, may differ between Freddie Mac's methodology and our own.
Feel like crunching numbers for different loan scenarios? Give our Mortgage Calculator a spin.
In the Know
The rates we spill aren't gonna jive directly with the sweet talkin' rates you might find online—those are just the cherry-picked cream of the crop compared to the averages we present here. Teaser rates may involve dishin' out points in advance, or they might be locked and loaded for a borrower with an ace credit score or a wad of cash. The rate you eventually wrap your hands around will depend on your credit score, income, and other miscellaneous factors, so expect it to differ from the averages we're dishin' out.
- In personal-finance, comparing mortgage rates frequently is crucial, as they can vary among lenders and even change daily, like a whirlwind.
- On May 2, 2025, the average for a 30-year new purchase mortgage took a dip of 2 basis points to 6.88%, compared to a historic low of 5.89% in late September 2025.
- Jumbo 30-year rates slid four basis points on Thursday to 6.79%, significantly lower than the 23-year peak of 8.14% reached in October 2023.
- Technology and innovations in finance can help individuals compare mortgage rates more efficiently, making it easier to find the best loan for their unique financial situation.
- The current average given by Investopedia may not align with the lowest rates you might find online, as those can be cherry-picked and may require better credit scores or upfront points payments.
