Mortgage Rates Fluctuate: A June 2023 Update.
TL;DR Summary
Mortgage rates fell again on Wednesday, with almost every new purchase rate down, including the 30-year rate, which fell 8 basis points to 7.29%. The 30-year average mortgage rate is now 36 basis points lower than it was on May 26, when it reached a high of 7.65%. The jumbo and regular 7/6 ARM loans were the only rates with no change or a slight tick up, respectively. Refinancing rates moved generally in line with new purchase rates. The Federal Reserve's bond-buying policy is a major influencer on mortgage rates.
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