Mortgage Rates Fluctuate: Weekly Update.
TL;DR Summary
The 30-year fixed-rate mortgage average has dropped to its lowest level since mid-May, while the four jumbo loan averages remained unchanged. Refinancing rates moved in line with new purchase rates, with the gap between the 30-year new purchase and refi averages currently at 27 basis points. The Federal Reserve has paused rate hikes, keeping the fed funds rate at the current range of 5.00% to 5.25%, with a possibility of one or two more rate hikes this year.
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