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Mortgage Rates Take a Dive, Drop 25 Points

  • November 9th 2023

by UrbanTurf Staff

Mortgage rate chart_11-09-23.png

Homebuyers and sellers alike will be happy with the direction that mortgage rates took this week. 

Freddie Mac reported 7.5% as the average on a 30-year mortgage on Thursday, down 26 basis points from last week. It is the largest one week drop in a year. 

“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”

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: interest rates, mortgage rate

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_take_a_dive_drop_25_points/21676.

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