Mortgage Rates Surge in May 2023.
TL;DR Summary
Mortgage rates continued to climb for the fifth consecutive day, with the 30-year average reaching 7.09%, its highest point since March 9. Refinance rates also surged, with the 30-year refinance average jumping 24 basis points. The jumbo 30-year and jumbo 5/6 ARM averages were the only averages that didn't rise. The Federal Reserve's bond-buying policy and competition between mortgage lenders are among the factors that influence mortgage rates.
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