Mortgage Rates Hit New Record High for 2023: 30-Year Rates at 8.099%

Mortgage rates have increased again this week to new highs in 2023 and the highest levels in over 20 years. A stark contrast to the all-time lows experienced just a couple years ago. 30-year conforming mortgage rates have soared to a staggering average just above 8.00%, current 30-year rates are at 8.099%. Jumbo loans for the same 30-year term are slightly lower rate of 7.953%. These two-decade new highs have resulted in a big upheaval in the mortgage market, posing challenges and considerations for both new homebuyers, home sellers and those looking to refinance.

15-Year Mortgage Rates See Dramatic Uptick

The financial landscape for 15-year fixed conforming loans has also been radically altered. Rates for these shorter-term loans have climbed to an eye-popping 7.269%. I remember back in 2012, I refinanced a 30-year mortgage to a 15-year mortgage with a fixed rate of 2.75%!

An even more dramatic uptick this week is on the 15-year fixed jumbo rate, current mortgage rates on 15-year jumbo loans reach 7.690%, up from the prior week's average rate of 7.36%.

No Escape from Rising Adjustable-Rate Mortgages

There's no respite when it comes to adjustable-rate mortgages (ARMs) either. The 5/6 ARM conforming SOFR rate has also climbed to significant highs, currently sitting at 7.296%. For those considering a jumbo ARM, the 5/6 SOFR rate is hovering at a close 7.500%.

A Nostalgic Look Back at Previous Record Lows

Back in September, 2021, it was an entirely different story. Mortgage rates had hit all-time lows, with 30-year rates dipping to just 2.77%. The 15-year rates had also sunk to an unprecedented low of 2.10%. Even ARMs had more to offer, with 5-year rates at a mere 2.45%.

Implications for Potential Homebuyers and Homeowners Considering Refinancing

The current stratospheric rise in mortgage rates has killed demand for mortgages. Both potential homebuyers, and current homeowners mulling selling and buying a new home, are on the fence because of current mortgage rates make homes a lot more expensive as far as monthly carrying costs.

How to Keep Tabs on Soaring Mortgage Rates

If you're keen on keeping yourself updated with these fast-changing mortgage rates, the good news is that you can easily consult the most recent figures. You don't even need to provide personal information to gain access to this crucial data, just use our loan tables at MonitorBankRates, just visit Mortgage Rates Today page to stay updated.

Author: Brian McKay
October 5th, 2023

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