By Jorge Vazquez
03 Nov 2023, 10:18 AM EDT
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 7.76%, making home purchasing still nearly unattainable for many Americans.
“The 30-year fixed-rate mortgage halted its multi-week rise, but continues to hover below 8 percent,” said Sam Khater, Freddie Mac’s chief economist.
“The Federal Reserve again decided not to raise interest rates, but has not ruled out an increase before the end of the year,” Khater added.
Freddie Mac notes that geopolitical uncertainty and ambiguity around monetary policy will likely have an impact on the overall economic outlook that may continue to cripple improvements in the housing market.
This is how the rates were:
30 year mortgage
30-year fixed-rate mortgages averaged 7.76% as of November 2, 2023, up from last week when they averaged 7.79%. A year ago at this time, the 30-year FRM averaged 6.95%.
15 year mortgage
15-year fixed-rate mortgages averaged 7.03%, unchanged from last week. A year ago at this point, the 15-year FRM averaged 6.29%.
PMMS focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20% down payment and have excellent credit.
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· Mortgage rates in the US do not stop and remain firm towards 8%
· Places homebuyers are moving to in the US.