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Mortgage rates drop for first time in seven weeks

today 11/02/2023
The average mortgage rates have been above 7% since mid-August, but they ticked down this week, breaking a seven-week streak of increases. The 30-year fixed-rate mortgage decreased to an average of 7.76% in the week ending November 2, down from 7.79% the previous week. This news came after the Federal Reserve announced that it would not raise its benchmark lending rate, which is currently at its highest level in 22 years. Despite the slight decrease in mortgage rates, they remain elevated and are influenced by the actions of the Federal Reserve. Mortgage rates are often tied to the yield on 10-year US Treasuries, which are affected by the Fed's actions and investor reactions. The slowdown in the issuance of longer-term bonds by the US Treasury Department will keep upward pressure on mortgage rates. As a result of high rates and low inventory, mortgage applications have been declining. It is expected that rates will stay elevated until it is clear that the Fed is done hiking rates. However, mortgage rates are anticipated to remain stable in the next few months since the next monetary policy meeting is scheduled for December.
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