June 5, 2023 Mortgage Rates: Mixed Trends and Decreases

Mortgage rates were mixed on Friday, with the 30-year fixed-rate average increasing slightly, while the 15-year, 10-year, and 10/6 ARM averages decreased slightly. Three of the four jumbo averages remained unchanged. Refinancing rates moved similarly to new purchase rates, with the 30-year refi average increasing slightly, the 15-year average decreasing, and the jumbo 30-year refi average remaining steady. The recent surge in 30-year rates took the average to another high, 7 basis points above the October high-water mark. Mortgage rates are influenced by macroeconomic and industry factors, such as the bond market, Federal Reserve policy, and competition between lenders.