{"id":6146,"date":"2023-11-02T17:00:28","date_gmt":"2023-11-02T17:00:28","guid":{"rendered":"https:\/\/connectwithfund.com\/business\/mortgage-rates-drop-for-first-time-in-seven-weeks\/"},"modified":"2023-11-02T17:00:29","modified_gmt":"2023-11-02T17:00:29","slug":"mortgage-rates-drop-for-first-time-in-seven-weeks","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=6146","title":{"rendered":"Mortgage rates drop for first time in seven weeks"},"content":{"rendered":"
\n

\n Mortgage rates ticked down this week, snapping a seven-week streak of increases.\n <\/p>\n

\n The 30-year fixed-rate mortgage fell to an average of 7.76% in the week ending November 2, down from 7.79% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 6.95%.\n <\/p>\n

\n The news comes a day after the Federal Reserve\u00a0said in a widely anticipated move that it would leave its benchmark lending rate at the\u00a0highest level in 22 years.\n <\/p>\n

\n \u201cThe 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under 8%,\u201d said Sam Khater, Freddie Mac\u2019s chief economist.\n <\/p>\n

\n \u201cThe Federal Reserve again decided not to raise interest rates but has not ruled out a hike before year-end,\u201d he said. \u201cCoupled 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.\u201d\n <\/p>\n

\n Although the rate for a 30-year fixed-rate loan ticked down slightly, it\u00a0remained elevated in the leadup to the two-day monetary policy meeting, which concluded Wednesday, said Hannah Jones, economic research analyst at\u00a0Realtor.com.\n <\/p>\n

\n \u201cThough the committee chose to take a pause from further contractionary policy in this week\u2019s meeting, Chair [Jerome] Powell made the point that the committee will remain open to further policy action to bring inflation down to 2% over time, dependent on incoming data,\u201d she said.\n <\/p>\n

\n Although the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them.\n <\/p>\n

\n Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed actions, what the Fed actually does and investors\u2019 reactions.\n <\/p>\n

\n When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.\n <\/p>\n

\n On Wednesday the U.S. Treasury Department also announced that it will slow the pace of its longer-dated 10-year and 30-year bond issuance.\n <\/p>\n

\n \u201cHowever, longer-term debt issuance will continue to climb, which keeps upward pressure on mortgage rates,\u201d said Jones.\n <\/p>\n

\n With average rates over 7% since mid-August, applications for mortgages have been trending down. They declined for the third consecutive week as low inventory and high rates continued to stifle borrower demand, according to the Mortgage Bankers Association.\n <\/p>\n

\n Rates are expected to stay elevated until it becomes clear the Fed is done hiking rates, according to MBA.\n <\/p>\n

\n \u201cWe were pleased to see that the Fed held short-term rates steady yesterday and continue to believe that it should not hike again and not sell its holdings of mortgage-backed securities until and unless the housing finance market has stabilized,\u201d said Bob Broeksmit, MBA president and CEO \u201cThese actions would help to lower mortgage rates and improve homebuyer affordability heading into 2024.\u201d\n <\/p>\n

\n Mortgage rates should stay stable in the next few months, said Jones, since another two-day monetary policy meeting is not scheduled until December. That should give homebuyers a small bit of comfort, she says.\n <\/p>\n

\n \u201cToday\u2019s buyers face scarce for-sale inventory, still-high listing prices, and multi-decade high mortgage rates, so any potential relief from climbing housing costs is welcomed,\u201d Jones said.\n <\/p>\n<\/p><\/div>\n

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

Mortgage rates ticked down this week, snapping a seven-week streak of increases. The 30-year fixed-rate mortgage fell to an average of 7.76% in the week ending November 2, down from 7.79% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 6.95%. The news comes a day after the Federal Reserve\u00a0said in a widely anticipated move that it would leave its benchmark lending rate at the\u00a0highest level in 22 years. \u201cThe 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under 8%,\u201d said Sam Khater, Freddie Mac\u2019s chief economist. \u201cThe<\/p>\n","protected":false},"author":1,"featured_media":6147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-6146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nMortgage rates drop for first time in seven weeks | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Mortgage rates ticked down this week, snapping a seven-week streak of increases. The 30-year fixed-rate mortgage fell to an average of 7.76% in the week\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=6146\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage rates drop for first time in seven weeks | ConnectWithFund\" \/>\n<meta property=\"og:description\" content=\"Mortgage rates ticked down this week, snapping a seven-week streak of increases. The 30-year fixed-rate mortgage fell to an average of 7.76% in the week\" \/>\n<meta property=\"og:url\" content=\"https:\/\/connectwithfund.com\/?p=6146\" \/>\n<meta property=\"og:site_name\" content=\"ConnectWithFund\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-02T17:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-02T17:00:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/connectwithfund.com\/wp-content\/uploads\/2023\/11\/gettyimages-1603037139.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/connectwithfund.com\/?p=6146\",\"url\":\"https:\/\/connectwithfund.com\/?p=6146\",\"name\":\"Mortgage rates drop for first time in seven weeks | ConnectWithFund\",\"isPartOf\":{\"@id\":\"https:\/\/connectwithfund.com\/#website\"},\"datePublished\":\"2023-11-02T17:00:28+00:00\",\"dateModified\":\"2023-11-02T17:00:29+00:00\",\"author\":{\"@id\":\"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52\"},\"description\":\"Mortgage rates ticked down this week, snapping a seven-week streak of increases. The 30-year fixed-rate mortgage fell to an average of 7.76% in the week\",\"breadcrumb\":{\"@id\":\"https:\/\/connectwithfund.com\/?p=6146#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/connectwithfund.com\/?p=6146\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/connectwithfund.com\/?p=6146#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/connectwithfund.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgage rates drop for first time in seven weeks\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/connectwithfund.com\/#website\",\"url\":\"https:\/\/connectwithfund.com\/\",\"name\":\"FinMarkPros\",\"description\":\"Latest Finance News and Updates\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/connectwithfund.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/connectwithfund.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/connectwithfund.com\"],\"url\":\"https:\/\/connectwithfund.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mortgage rates drop for first time in seven weeks | ConnectWithFund","description":"Mortgage rates ticked down this week, snapping a seven-week streak of increases. The 30-year fixed-rate mortgage fell to an average of 7.76% in the week","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/connectwithfund.com\/?p=6146","og_locale":"en_US","og_type":"article","og_title":"Mortgage rates drop for first time in seven weeks | ConnectWithFund","og_description":"Mortgage rates ticked down this week, snapping a seven-week streak of increases. The 30-year fixed-rate mortgage fell to an average of 7.76% in the week","og_url":"https:\/\/connectwithfund.com\/?p=6146","og_site_name":"ConnectWithFund","article_published_time":"2023-11-02T17:00:28+00:00","article_modified_time":"2023-11-02T17:00:29+00:00","og_image":[{"width":800,"height":450,"url":"https:\/\/connectwithfund.com\/wp-content\/uploads\/2023\/11\/gettyimages-1603037139.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/connectwithfund.com\/?p=6146","url":"https:\/\/connectwithfund.com\/?p=6146","name":"Mortgage rates drop for first time in seven weeks | ConnectWithFund","isPartOf":{"@id":"https:\/\/connectwithfund.com\/#website"},"datePublished":"2023-11-02T17:00:28+00:00","dateModified":"2023-11-02T17:00:29+00:00","author":{"@id":"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52"},"description":"Mortgage rates ticked down this week, snapping a seven-week streak of increases. The 30-year fixed-rate mortgage fell to an average of 7.76% in the week","breadcrumb":{"@id":"https:\/\/connectwithfund.com\/?p=6146#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/connectwithfund.com\/?p=6146"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/connectwithfund.com\/?p=6146#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/connectwithfund.com\/"},{"@type":"ListItem","position":2,"name":"Mortgage rates drop for first time in seven weeks"}]},{"@type":"WebSite","@id":"https:\/\/connectwithfund.com\/#website","url":"https:\/\/connectwithfund.com\/","name":"FinMarkPros","description":"Latest Finance News and Updates","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/connectwithfund.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/connectwithfund.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/connectwithfund.com"],"url":"https:\/\/connectwithfund.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts\/6146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6146"}],"version-history":[{"count":1,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts\/6146\/revisions"}],"predecessor-version":[{"id":6148,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts\/6146\/revisions\/6148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/media\/6147"}],"wp:attachment":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}