"July 3, 2023: Mortgage and Refinance Rates Rise"

Mortgage interest rates in the U.S. have mostly increased compared to the previous week, with rates for 30-year fixed, 15-year fixed, and jumbo loans ticking up. The 5/1 ARM rates remained unchanged. The Federal Reserve's decision to pause rate increases has left housing analysts divided on whether it signifies the end of the fight against inflation or just a temporary break. Experts suggest that the Fed will likely resume rate increases at its next meeting, potentially leading to a mild recession. Shopping around for the best mortgage rate is advised, as it can save borrowers thousands of dollars over the life of their loan.