Mortgage Rates Hit New 2023 High

For the week ending June 30, the MBA reported average rates for the following types of loans:

• For 30-year fixed-rate conforming mortgages (loan balances of $726,200 or less), rates averaged 6.85 percent, up from 6.75 percent the week before. With points increasing to 0.65 from 0.64 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
• Rates for 30-year fixed-rate jumbo mortgages (loan balances greater than $726,200) averaged 6.95 percent, up from 6.91 percent the week before. Although points decreased to 0.64 from 0.69 (including the origination fee) for 80 percent LTV loans.
• For 30-year fixed-rate FHA mortgages, rates averaged 6.68 percent, up from 6.63 percent the week before. Although points decreased to 0.98 from 1.08 (including the origination fee) for 80 percent LTV loans.
• Rates for 15-year fixed-rate mortgages averaged 6.30 percent, up from from 6.23 percent the week before. With points increasing to 0.91 from 0.69 (including the origination fee) for 80 percent LTV loans.
• For 5/1 adjustable-rate mortgages, rates averaged 6.00 percent, down from 6.28 percent the week before. Although points increased to 1.23 from 1.02 (including the origination fee) for 80 percent LTV loans.