Mortgage Rates Drop From 23-year Old Peak

(RTTNews) - Mortgage rates, or interest rates on home loans, slipp after seven weeks of increase, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 7.76 percent as of November 2, 2023, compared to last week when it averaged 7.79 percent. A year ago at this time, the 30-year FRM averaged 6.95 percent.

The 15-year fixed-rate mortgage averaged 7.03 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 6.29 percent.

"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."