Mortgage Rates Experience Significant Drop

Federal Reserve's aggressive rate increases contribute to wild swings in mortgage rates

Mortgage rates have seen wild swings this week, with the 30-year average falling to 7.64%, the lowest it's been since mid-September.
The 15-year average also plummeted, sinking to its lowest level since August.
Jumbo 30-year rates moved a more moderate 12 basis points, dipping to 6.94%.
Almost every refinancing rate average also saw substantial downward movement.
The Federal Reserve's aggressive rate increases over the last 18 months have had an upward impact on mortgage rates.