Mortgage Rates Level Off 11-2-2023
“The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under eight percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The Federal Reserve again decided not to raise interest rates but 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.”
News Facts
- The 30-year fixed-rate mortgage averaged 7.76 percent as of November 2, 2023, down from last week when it averaged 7.79 percent. A year ago at this time, the 30-year FRM averaged 6.95 percent.
- The 15-year fixed-rate mortgage averaged 7.03 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 6.29 percent.
