National averages for 30-year and 15-year fixed mortgage rates edge lower by 1 to 7 basis points, narrowing gaps between purchase and refinance rates.
The average 30-year fixed mortgage rate for home purchases declined by 1 basis point to 6.35% today, aligning closely with the 6.34% refinance rate. The 15-year fixed purchase rate fell more sharply by 7 basis points to 5.78%, now 5 basis points below its refinance counterpart.
Rates remain near multi-week averages, with the 30-year fixed purchase rate holding just above June’s lows. The 5/1 adjustable-rate mortgage also dropped 6 basis points to 6.30%, though it remains 5 basis points above its refinance equivalent.
Lenders in the low 6% range continue to lead the market, reflecting stable demand amid broader economic conditions. VA loan rates followed similar trends, with the 30-year VA purchase rate at 5.82% and its refinance counterpart at 5.79%.