Mortgage Rates Continue to Fluctuate in June 2023

The average rate for a 30-year mortgage fell for a third day in a row Thursday, dropping another 16 basis points to 7.13%, the lowest rate in two weeks. The 30-year refinance rate fell 29 basis points to 7.43%. Both rates are now more than a half percent below last Friday's highs of 7.65% and 8.00%, respectively. Mortgage rates are influenced by macroeconomic and industry factors, such as the level and direction of the bond market, the Federal Reserve's current monetary policy, and competition between mortgage lenders and across loan types.