Mortgage Rates Fluctuate: Experts Analyze Trends and Offer Tips for Borrowers

30-year mortgage rates experienced a second day of modest declines, dropping 5 basis points to 7.59%, after surging to a 20-year high of 7.70% last week. Rates on 15-year loans and jumbo mortgages remained flat. Refinancing rates were mixed, with the 30-year refi average increasing by 7 basis points and the 15-year refi average decreasing by 3 points. Mortgage rates have been volatile in recent months, with significant increases since the summer of 2022. The factors influencing mortgage rates include the bond market, Federal Reserve policy, and competition among lenders.