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Mortgage rates plunge by largest amount in a year

today 11/09/2023
Mortgage rates plunge by largest amount in a year Mortgage rates in the US have experienced a significant drop this week, marking the largest one-week decrease since November of the previous year. This decline follows seven consecutive weeks of rate increases. According to data from Freddie Mac, the average 30-year fixed-rate mortgage fell to 7.50% in the week ending November 9, down from 7.76% the previous week. Last year, the average rate reached its highest level at 7.08% and subsequently dropped by 47 basis points. This week, rates decreased by 26 basis points compared to the previous week. Sam Khater, Freddie Mac's chief economist, attributed the decline to a decrease in Treasury yields. However, he expressed concerns about rising household debt impacting the housing market. Mortgage rates directly influence loan applications, and last week's drop led to a 2.5% increase in overall applications and a 3% increase in applications for home purchases. The Federal Reserve's decision to maintain interest rates has been beneficial for homebuyers struggling with high mortgage rates. However, there is still the possibility of a rate hike in the future. The October jobs report, which showed moderate job growth and reduced wage pressures, may contribute to policymakers' confidence in the economy's stability without the need for further rate hikes. While mortgage rates remain high, the gap between current rates and rates from a year ago has narrowed. The cost of buying a home has increased by over 7% compared to the previous year, primarily due to high mortgage rates. However, consumers have adjusted their expectations regarding rates, with some buyers acting quickly when rates dip and others waiting for lower rates and more inventory. It is expected that rates will decrease in the coming year, but they are not projected to return to pre-pandemic levels. Prospective homebuyers should anticipate rates above 6% in the current mortgage rate era.
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