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Mortgage Interest Rate Dipped Slightly Last Week

Good Monday Morning!

Right now in the Real Estate world any news of mortgage interest rate relief is good news. Last week was good news as mortgage rates dipped slightly.  Even though this dip was not huge it helps and it also put the stop on the several week trend of rising rates.

Here is a recent article from "Realtor.com" that describes the recent mortgage rate decline.

The numbers: Mortgage rates took a breather from its march towards 7% this week, as the economic outlook looks uncertain.

The 30-year fixed-rate mortgage averaged 6.66% as of Oct. 6, according to data released by Freddie Mac on Thursday.

That’s down 4 basis points from the previous week—one basis point is equal to one hundredth of a percentage point, or 1% of 1%.

last week, the 30-year was at 6.7%.

It’s worth noting that Mortgage News Daily, which follows day-to-day movement in mortgage rates, is noting that the 30-year is at 6.95%.

Though rates have come down as per Freddie Mac — albeit ever so slightly — overall, mortgage rates are still high relative to where they were a year ago.

Last year, the 30-year was averaging at 2.99%.

“Rates remain quite high compared to just one year ago,” Sam Khater, chief economist at Freddie Mac, said in a statement, “meaning housing continues to be expensive for potential home buyers.”

This October, the average rate on the 15-year mortgage also dropped slightly to 5.9%.

The adjustable-rate mortgage, or ARM, averaged 5.36%, up from the prior week. Interest in ARMs is rising, with the share of ARMs as a percentage of all mortgage applications for purchases of a home rising to 12%, the Mortgage Bankers Association said. That’s the highest level it’s reached since 2008.

Overall, mortgage applications fell significantly in the latest week, as buyers pulled back amid higher rates, and also due to the hurricane-induced closures in Florida.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

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