Overview

• The national average for 30-year fixed refinance mortgages increased by 2 basis points to 7.11%, following a significant drop earlier in the week.
• New purchase 30-year fixed mortgage rates also rose by 4 basis points, reaching 6.98%, though still lower than last week's peak of 7.13%.
• Rates for other loan types, including 15-year fixed and jumbo loans, experienced slight increases, reflecting mixed movement across categories.
• The Federal Reserve's recent rate cuts and ongoing caution about future reductions have influenced bond markets, contributing to recent mortgage rate fluctuations.
• Borrowers are advised to compare rates across lenders, as regional variations and individual qualifications can significantly impact final loan terms.