Mortgage Rates Fluctuate in May 8, 2023 Market

Mortgage rates rose on Friday, with jumbo 30-year rates climbing significantly to reach their highest level since early March. The 30-year fixed-rate average is now at 6.88%, while the 15-year fixed-rate average rose to 6.07%. Refinancing averages were also up, with the cost to refinance for 30 years currently 36 basis points more expensive than 30-year new purchase rates. The Federal Reserve's bond-buying policy and competition between mortgage lenders are among the factors that influence mortgage rates.