"July 5, 2023: Mortgage and Refinance Rates Surge Higher"

Mortgage rates have increased for all loan terms compared to a week ago, with rates for 30-year fixed, 15-year fixed, 5/1 ARMs, and jumbo loans rising. The Federal Reserve's decision to pause interest rate hikes has left experts divided on whether it signals a halt to fighting inflation or just a temporary break. However, economists believe that the Fed will likely resume rate increases at its next meeting, potentially leading to a mild recession. It is recommended for borrowers to shop around and compare mortgage offers from multiple lenders to save money, as the payoff for bargain-hunting borrowers doubled last year.