Mortgage and Refinance Rates See Uptick After Weeks of Decline

Following a three-week drop, mortgage and refinance rates have risen slightly, reflecting ongoing market volatility influenced by Federal Reserve policy and economic indicators.

• The average 30-year fixed mortgage rate increased by 6 basis points to 6.59%, while 15-year fixed rates rose to 5.76%.
• Refinance rates for 30-year loans climbed 8 basis points to 6.80%, halting a three-week downward trend.
• Jumbo 30-year mortgage rates saw a notable rise, gaining 8 basis points to reach 6.56%, while jumbo refinance rates jumped 12 basis points to 6.70%.
• The Federal Reserve's recent rate cuts and upcoming policy decisions, including an announcement on December 18, remain key factors influencing mortgage rate fluctuations.
• Despite recent increases, current mortgage rates remain significantly lower than the historic peaks observed in late 2023, offering some relief to borrowers.

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