For the week ending November 2, 30-year rates fell to 7.76% from 7.79% the week before.

The Fed continued their rate hike pause and the bond markets rallied, as more analysts seemed to believe that the Fed statements are softening their tone a bit. Though mortgage rates did not move much this week according to the survey, the rally occurred just as the survey period was ending and part of the movement lower was not reflected. For the week ending November 2, 30-year rates fell to 7.76% from 7.79% the week before. In addition, 15-year loans remained at 7.03%. A year ago, 30-year fixed rates averaged 6.95%, over.75% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under eight percent. The Federal Reserve again decided not to raise interest rates but has 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.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated November 3, 2023