Mortgage and Refinance Rates Climb Amid Economic Shifts

Recent increases in mortgage and refinance rates reflect ongoing economic adjustments and Federal Reserve policies.

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.