Mortgage Rates Dip Under Seven Percent 11/023/2022

“Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably,” said Sam Khater, Freddie Mac’s Chief Economist. “Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.”

News Facts

• The 30-year fixed-rate mortgage averaged 6.95 percent with an average 0.8 point as of November 3, 2022, down from last week when it averaged 7.08 percent. A year ago at this time, the 30-year FRM averaged 3.09 percent.
• The 15-year fixed-rate mortgage averaged 6.29 percent with an average 1.2 point, down from last week when it averaged 6.36 percent. A year ago at this time, the 15-year FRM averaged 2.35 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.95 percent with an average 0.2 point, down from last week when it averaged 5.96 percent. A year ago at this time, the 5-year ARM averaged 2.54 percent.
  

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