Mortgage Rates Fluctuate in May 2023.
TL;DR Summary
Mortgage rates dropped on Wednesday, with the 30-year average falling by an eighth of a percentage point to 6.81%, the lowest level since April 14. The 15-year rate average also dropped by a full quarter point to 5.96%. Refinancing averages moved similarly to new purchase rates, with the 30-year refi average declining by 21 basis points. The jumbo 30-year average held steady at 6.02%. The Federal Reserve's bond-buying policy is a major influencer on mortgage rates, and the next scheduled meeting of the Federal Open Market Committee is in June.
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