Today’s mortgage and refinance rates have seen a slight decrease since earlier this week when they spiked to the highest levels since November. As of June 3rd, 2023, the average 30-year fixed rate is 4.17%, down from 4.21% earlier in the week; 15-year fixed rates are at 3.43%, a drop from 3.48%; 5/1 adjustable rate mortgages (ARMs) are averaging 2.93%, compared to 2.98% previously; and jumbo 30-year fixed loans stand at 4%.
The recent spike in interest rates was caused by an increase in demand for bonds due to investors seeking safe havens amid rising inflation concerns as well as increased optimism about economic growth following positive jobs reports last month that showed more people returning to work than expected after pandemic lockdowns were lifted across much of the country. However, today’s lower mortgage and refinance rates could be short-lived if bond yields continue their upward trend or if there is any unexpected news regarding inflation or employment numbers over the coming weeks or months ahead – both factors which can cause significant shifts in market sentiment overnight and affect borrowing costs accordingly.
Read more at Business Insider
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