Rates surge to a 14-month high as bond selloff persists and Fed signals potential hikes

Mortgage rates rose to their highest level in over a year as a global bond selloff intensified and a Fed speech suggested higher rates could be needed. Freddie Mac puts the 30-year fixed at 6.71% for the week, with purchase rates today roughly 6.69% for a 30-year loan and 6.00% for a 15-year loan (plus mid‑6% ARMs and similar VA figures). Refinance rates are also up, about 6.68% for a 30-year and 6.09% for a 15-year loan. Traders assign roughly a 50/50 chance of a 25‑basis-point Fed hike at the mid‑September meeting. The article explains what drives rate moves, how to compare lenders, and why rates differ between purchase and refinance loans, while noting refinancing can be worthwhile if you can lock in a rate meaningfully lower than your current mortgage and outlining general mortgage basics.