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Today's Mortgage Rates & Trends - June 8, 2023: Rates Dip

Thirty-year mortgage rates have been modestly bobbing Today's National Mortgage Rate Averages

The 30-year fixed-rate mortgage average subtracted a minor 3 basis points Wednesday, lowering to 7.22%. Rates on 30-year loans have been fluctuating slightly higher since June 1, when the average sank to 7.13%. But less than a week earlier, on May 26, the average hit what's estimated to be a 20-year high of 7.65%.


Rates on 15-year mortgages also inched downward Wednesday, shedding 4 basis points to rest at 6.42%. Like its 30-year sibling, the 15-year average also soared in late May. But the current average still sits well below last October's peak of 7.03%, which was a 15-year high.


After rising to 6.39% for the third time in less than two weeks, the jumbo 30-year average held steady at that level Wednesday. The current peak is estimated to be at least a 14-year high, as jumbo rate averages from earlier than 2009 are not available.


Wednesday's refinancing averages moved more or less in step with new purchase rates. The 30-year refi average dropped 5 basis points and the 15-year refi average, 2 basis points, while the jumbo 30-year refi average marched in place. The gap between new purchase and refi rates for a 30-year loan was 29 basis points Wednesday.


After a historical rate plunge in August 2021, mortgage rates skyrocketed in the first half of 2022. The 30-year average shot to 6.38% by June 2022, which was more than double the rate of 2.89% seen just 10 months earlier. Then an even more dramatic surge in September and October 2022 outdid the summer peak, with the 30-year average ultimately climbing another 1.2 percentage points and recording a 20-year high.


The recent surge in 30-year rates took the average to another high, 7 basis points above the October high-water mark. However, it's difficult to nail down how far back we'd have to go to find 30-year rates higher than what we saw on May 26, since daily rate averages weren't published before 2009.


Retrieved from: https://www.investopedia.com/today-s-mortgage-rates-and-trends-june-8-2023-rates-dip-7509655

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