The average rate on the 30-year fixed plunged 60 basis points from 7.22% to 6.62%, according to Mortgage News Daily. That matches the record drop at the start of the pandemic. The rate, however, is still more than double what it was at the start of this year.broader market gainsThe Consumer Price Index rose in October at a slower pace than expected. As a result, bond yields dropped sharply, and mortgage rates followed, as they follow loosely the yield on the 10-year Treasury.
But Graham said rates are not out of the woods yet. They are also unlikely to move dramatically lower, as there is still plenty of economic uncertainty both in U.S. and global financial markets.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Weekly mortgage demand flattens, as interest rates climb higher to 7.14%Rising mortgage rates caused mortgage demand to stall last week.
Source: CNBC - 🏆 12. / 72 Read more »
Mortgage applications decrease as high interest rates deter homebuyers: surveyThe Mortgage Bankers Association's Weekly Mortgage Applications weekly survey ending Nov. 4 showed mortgage applications are steadily declining as interest rates continue to rise. High interest rates? What do you call interest rates at 10-15% Doesn't pay to refinance now. In 2021 80% of mortgages were for refinancing.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Mortgage refinancing demand falls to lowest level since 2000Mortgage applications fell 0.1% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 7.14% Really? No interest in turning in %3 rate for a %7? Who saw that coming?
Source: MarketWatch - 🏆 3. / 97 Read more »
Phoenix metro homebuilding permits drop as mortgage rates increase - Phoenix Business JournalIt's getting tougher every day for homebuilders. One indication is the huge drop in single-family homebuilder permits issued by each municipality. Click through the slideshow to see which cities had the biggest drops and those that had the biggest increases.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Home-Price Growth Slows Under Tide of Rising Mortgage RatesU.S. home-price growth slowed sharply in the third quarter, the National Association of Realtors said, as affordability remained near its lowest level in decades. RIP Hedgies~ apes no one sell~ bbby to 200$ shortsqueeze is inevitable hedgies never change since GME Squeeze hahah~
Source: WSJ - 🏆 98. / 63 Read more »