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.