Rising Mortgage Rates Persist Amidst High Demand and Home Prices
TL;DR Summary
Rates on 30-year mortgages have risen for the fifth consecutive day, with the 30-year fixed-rate average now at 7.19%. The 15-year fixed-rate average also increased, while jumbo loan averages remained flat. Refinancing rates moved in line with new purchase rates. Mortgage rates have experienced significant fluctuations in recent months, reaching a 20-year high in October 2022. The factors influencing mortgage rates include the bond market, Federal Reserve policy, and competition among lenders.
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