Mortgage and Refinance Rates Edge Higher, Nearing Multi-Month Highs

National averages for 30-year fixed mortgages and refinance loans show slight increases, with rates nearing highs not seen since mid-2023.

The average 30-year fixed refinance rate rose to 7.15%, just below the highest level recorded since July 2023 at 7.19%.
New 30-year fixed mortgage rates remain steady at 6.99%, close to the 7% mark and significantly higher than the two-year low of 5.89% seen in September 2024.
The Federal Reserve's recent rate cuts have been slower than anticipated, contributing to upward pressure on 10-year Treasury yields and mortgage rates.
Other loan types, including 15-year fixed and jumbo 30-year mortgages, saw mixed rate movements, with small daily increases or decreases depending on the loan category.
Borrowers are advised to compare rates across lenders as state-level variations and individual qualifications significantly impact final mortgage offers.