30-year fixed mortgage rates match refinance levels at 6.48%, while shorter-term purchase rates rise above refi benchmarks.
Purchase mortgage rates have climbed above refinance rates for the first time in recent weeks, with the 15-year fixed purchase rate at 5.90%, 16 basis points higher than its refinance counterpart. The 5/1 adjustable-rate mortgage (ARM) purchase rate stands at 6.46%, 18 basis points above the refinance rate of 6.28%. The 30-year fixed rate remains aligned at 6.48% for both purchase and refinance loans.
National averages for other mortgage products include a 20-year fixed rate at 6.18% for purchases and 6.26% for refinancing. VA loan rates show a similar trend, with the 15-year fixed purchase rate at 5.47% compared to 5.70% for refinancing. These figures reflect a weekly survey of lenders offering the lowest available rates.
The shift follows a period of stable or declining refinance rates, as lenders adjust pricing in response to demand and market conditions. The divergence may influence borrower decisions on loan type and term length.