The Fed meets this week to decide the direction of interest rates. An interest rate hike isn’t in the cards in this meeting but a change in Fed speak probably is. Since the credit crisis the Fed has said they will keep rates low for an “extended period of time”. A debate is heating up about changing theat phrase. Read more here: Fed Signals Higher Rates.

30 year jumbo rates for refinancing are unchanged this week over last. The average refinance rate is at 5.57%. The average 15 year jumbo refinance rates was lower this week, the second consectutive week refi rates remained under 5.00%. 15 year jumbo mortgage refi rates are averaging 4.97%, down from last week’s average rate of 4.98%.