Mortgage rates can be influenced by various factors such as the bond market, Federal Reserve's policies, and lender competition. Different states have varying average mortgage rates for new purchases. Recent actions by the Federal Reserve, including tapering bond purchases and raising the federal funds rate, have caused an upward impact on mortgage rates. However, with the Fed holding rates steady in recent meetings and encouraging inflation data, expectations of future rate increases have diminished. The national averages of mortgage rates were calculated based on the lowest rates offered by over 200 top lenders, while the state rates were based on the lowest rate offered by surveyed lenders in each state, assuming an 80% loan-to-value ratio and a credit score between 700–760.