11/13/2023
Good news for our buyers out there...
For the week of Nov 3rd – Nov 9th, 30-year and 15-year interest rates decreased. Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
It's not clear whether the Fed will raise rates again before the year is out, although investors don't expect another rate hike in 2023. During the Fed's November rate-setting meeting, policymakers voted to hold the rate steady at 5.25% to 5.5%, and MBA's Fratantoni says the central bank "is likely to pause at this level for some time" before moving to cut rates in the second quarter of 2024.
As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November. Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strain...
