Mortgage Rates Dip Back Below 7%

  • November 3rd 2022

by UrbanTurf Staff

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Long-term mortgage rates dropped back down on Thursday after rising above 7% last week.

Freddie Mac reported 6.95% with an average 0.8 point on a 30-year mortgage this morning, down 13 basis points from last week. 

“Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint," said Sam Khater, Freddie Mac’s Chief Economist. "Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of 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.

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_dip_back_below_7/20276.

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