Mortgage Rates Pause Upward Trek in the Week Ending November 2nd
After a Multi-week Climb, Mortgage Rates Level Off
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending November 2nd.
The 30-year fixed-rate mortgage averaged 7.76%, down from last week when it averaged 7.79%. A year ago at this time, the 30-year rate averaged 6.95%.
The 15-year fixed-rate mortgage averaged 7.03%, unchanged from last week. A year ago at this time, the 15-year rate averaged 6.29%.
Providing additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“The 30-year fixed-rate mortgage paused in multi-week climb but continues to hover under 8%. The Federal Reserve again decided not to raise interest rates have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue to stall improvements in the housing market.”
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