{"id":11204,"date":"2023-12-07T19:11:05","date_gmt":"2023-12-07T19:11:05","guid":{"rendered":"https:\/\/connectwithfund.com\/economy\/mortgage-rates-fall-for-the-third-week-in-a-row-there-is-room-for-rates-to-drop-further-one-economist-says\/"},"modified":"2023-12-07T19:11:06","modified_gmt":"2023-12-07T19:11:06","slug":"mortgage-rates-fall-for-the-third-week-in-a-row-there-is-room-for-rates-to-drop-further-one-economist-says","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=11204","title":{"rendered":"Mortgage rates fall for the third week in a row. \u2018There is room\u2019 for rates to drop further, one economist says."},"content":{"rendered":"
\n

Mortgage rates fell for the third week in a row on the back of early signs that inflation is slowing.<\/p>\n

The 30-year fixed-rate mortgage averaged 7.44% as of Nov. 16, according to data released by Freddie Mac
\n FMCC,
\n -2.90%<\/bg-quote>
\n on Thursday.\u00a0<\/p>\n

That\u2019s down 6 basis points from the previous week. One basis point is equal to one hundredth of a percentage point.\u00a0<\/p>\n

\n

A year ago, the 30-year rate was averaging 7.5%.<\/p>\n

The average rate on the 15-year mortgage was 6.76%, down from 7.81% last week. The 15-year was at 5.98% a year ago.<\/p>\n

Freddie Mac\u2019s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.\u00a0<\/p>\n

According to separate data from Mortgage News Daily, the 30-year fixed-rate mortgage was averaging 7.45% as of Thursday afternoon.<\/p>\n

What Freddie Mac said: <\/strong>\u201cFor the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.\u00a0<\/p>\n

\u201cThe combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential home buyers into the market,\u201d he added.<\/p>\n

What are they saying?<\/strong> \u201cThere is room for mortgage rates to fall further,\u201d Lisa Sturtevant, chief economist at Bright MLS, said in a statement.<\/p>\n

\u201cThe gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,\u201d she said. \u201cWhile the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.\u201d<\/p>\n

The National Association of Realtors expects the 30-year rate to drop below 7% by the spring buying season, but to stay over 6%.<\/p>\n

\u201cI believe we\u2019ve already reached the peak in terms of interest rates,\u201d Lawrence Yun, the NAR\u2019s chief economist, said. \u201cThe question is, when are rates going to come down?\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates fell for the third week in a row on the back of early signs that inflation is slowing. The 30-year fixed-rate mortgage averaged 7.44% as of Nov. 16, according to data released by Freddie Mac FMCC, -2.90% on Thursday.\u00a0 That\u2019s down 6 basis points from the previous week. One basis point is equal to one hundredth of a percentage point.\u00a0 A year ago, the 30-year rate was averaging 7.5%. The average rate on the 15-year mortgage was 6.76%, down from 7.81% last week. The 15-year was at 5.98% a year ago. Freddie Mac\u2019s weekly report on mortgage rates<\/p>\n","protected":false},"author":1,"featured_media":11205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-11204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nMortgage rates fall for the third week in a row. \u2018There is room\u2019 for rates to drop further, one economist says. | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Mortgage rates fell for the third week in a row on the back of early signs that inflation is slowing. 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