June 12, 2023 Mortgage Rates Continue to Rise
TL;DR Summary
The average rate for a 30-year fixed mortgage increased by 4 basis points to 7.26%, the highest rate seen in June. Rates on most other mortgage types also rose, including jumbo loans and their refinance counterparts. The recent surge in rates is attributed to a complex interaction of macroeconomic and industry factors, including the Federal Reserve's monetary policy and competition between lenders.
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