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After Steady Climb, Mortgage Rates Level Off

  • November 3rd 2023

by UrbanTurf Staff

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Mortgage rate chart-11-02-23.png

Following weeks in which mortgage rates only seemed to go up, things started leveling off this week.

Freddie Mac reported 7.76% as the average on a 30-year mortgage on Thursday, down three basis points from last week.

“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.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: mortgage rate, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/after_steady_climb_mortgage_rates_level_off/21654.

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