Continued Increase in 30-Year Mortgage Rates

Mortgage rates on 30-year fixed-rate loans rose for a second day, with the average reaching 7.34%. Rates on other loan types also increased, except for a drop in the 10/6 ARM average. After a historical rate plunge in August 2021, mortgage rates have been on the rise, hitting a 20-year high in July 2023. It's important for borrowers to shop around and compare rates regularly to find the best mortgage option.