Overview

• The average rate for a 30-year fixed mortgage rose to 6.90%, marking a 14 basis point increase over the past week.
• Refinance rates for 30-year mortgages increased to 7.08%, reaching their highest level since early August.
• States like New York and California have some of the lowest refinance rates, while Massachusetts and Illinois have some of the highest.
• The Federal Reserve's recent policies, including bond purchase tapering and rate adjustments, continue to influence mortgage rates.
• Borrowers are advised to compare rates across lenders, as variations exist due to differing state regulations and lender strategies.