The 30-year Fixed-Rate Mortgage Decreased for The Sixth Straight Week

The 30-year fixed-rate mortgage (FRM) decreased for the sixth straight week, from last week to an average of 7.03% this week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac released Thursday.

This week’s numbers:

• 30-year fixed-rate mortgage averaged 7.03%, down from last week when it averaged 7.22%. A year ago at this time, the 30-year FRM averaged 6.33%.
• 15-year fixed-rate mortgage averaged 6.29%, down from last week when it averaged 6.56%. A year ago at this time, the 15-year FRM averaged 5.67%.

Realtor.com Economist Jiayi Xu commented: “The Freddie Mac fixed rate for a 30-year mortgage continued its downward trend to 7.03 percent this week, down from 7.22 percent last week. While Fed Chair Powell stated last Friday that it was too early to conclude that the current monetary policy is restrictive enough to tame inflation down to the 2% target, the cooling October job openings data, a measure of labor demand, released on Tuesday, boosted investors’ confidence that the Federal Reserve was probably done with rate hikes. As a result, the 10-year treasury yield dropped to its lowest level in three months. Looking ahead, we predict that sustained improvement in inflation will bring the mortgage rate down to 6.5% by the end of 2024.

– Information Curated from ismedia

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