Mortgage Rates Fluctuate on March 28, 2023

After a significant drop last week, mortgage rates rose on Monday, with the 30-year fixed rate jumping 22 basis points to an average of 6.79%. Rates on 15-year loans also rose, moving 18 basis points to 5.93%. Jumbo 30-year rates remained flat at 5.77%. Refinancing rates also increased in similar increments to new purchase rates. The Federal Reserve's bond-buying policy and competition between lenders are among the factors that influence mortgage rates.