Rising Mortgage Rates and High Demand Impact Housing Market

Mortgage rates on 30-year fixed loans have been steadily increasing, with the average rising 15 basis points over six days to reach 7.21%. Rates on 15-year loans also rose, reaching an average of 6.57%. The jumbo 30-year average returned to its high of 6.39%. Refinancing rates followed a similar trend. After a historical rate plunge in August 2021, mortgage rates have been on the rise, reaching a 20-year high in October 2022. The recent surge in rates has taken them even higher, but it's difficult to determine when rates were last higher due to limited historical data.