Mortgage Rates Fluctuate: Refi Rises, Purchase Falls, Demand Varies.

The average rate for a new purchase 30-year fixed mortgage dropped 8 basis points to 7.18%, while the 30-year refinance mortgage rate average ticked up 6 basis points to 7.57%. Rates for jumbo mortgages saw no changes, with the 30-year fixed new purchase mortgage rate still at 6.39%. The recent surge in 30-year rates took the average to another high, 7 basis points above the October high-water mark. Mortgage rates are influenced by macroeconomic and industry factors, such as the bond market, Federal Reserve's monetary policy, and competition between lenders.