Mixed Results for Mortgage Rates: Up, Down, and Everything in Between
TL;DR Summary
The average rate for a new purchase 30-year fixed mortgage increased by 1 basis point to 7.14%, while its refinance counterpart decreased by 1 basis point to 7.54%. Rates for other mortgage types were mixed. Jumbo 30-year mortgage rates moved in sync, with both the new purchase rate and refi rate dropping 12 basis points to sit back at 6.27%. The Federal Reserve paused rate hikes, keeping the fed funds rate at the current range of 5.00% to 5.25%.
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