{"id":49678,"date":"2023-11-22T17:25:28","date_gmt":"2023-11-22T17:25:28","guid":{"rendered":"https:\/\/prosfunds.com\/business\/mortgage-rates-fall-for-fourth-week-but-stay-above-7\/"},"modified":"2023-11-22T17:25:29","modified_gmt":"2023-11-22T17:25:29","slug":"mortgage-rates-fall-for-fourth-week-but-stay-above-7","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=49678","title":{"rendered":"Mortgage rates fall for fourth week but stay above 7%"},"content":{"rendered":"
\n

\n Mortgage rates fell again in the most recent week, as\u00a0inflation showed signs of slowing. It\u2019s the fourth consecutive week of tumbling rates after rising for seven straight weeks.\n <\/p>\n

\n The 30-year fixed-rate mortgage fell to an average of 7.29% in the shortened week ending November 22, according to data from Freddie Mac released on Wednesday, a day earlier than normal\u00a0due to the Thanksgiving holiday. That was down from 7.44% the week before. A year ago, the 30-year fixed-rate was 6.58%.\n <\/p>\n

\n The average rate rose above 7% in mid-August and since then reached as high as 7.79% at the end of October.\n <\/p>\n

\n \u201cIn recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory,\u201d said Sam Khater, Freddie Mac\u2019s chief economist, in a statement. \u201cThis dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.\u201d\n <\/p>\n

\n The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. A current buyer\u2019s rate may be different.\n <\/p>\n

\n \u201cIn a few short weeks, mortgage rates have largely erased the sharp climb traversed in October,\u201d said Danielle Hale,\u00a0Realtor.com\u2019s chief economist.\n <\/p>\n

\n Part of the reason rates eased this week was mixed data that continues to keep investors guessing, Hale said.\n <\/p>\n

\n \u201cConstruction data showed surprising strength, especially in light of fading builder confidence as mortgage rates neared 8% in October, with both permits and starts ticking higher,\u201d she said.\n <\/p>\n

\n Meanwhile, she added, existing home sales slid to their worst reading since 2010 as home prices rose and mortgage rates pushed the cost of buying even higher.\n <\/p>\n

\n To combat higher\u00a0financing\u00a0costs, homebuyers have turned to\u00a0making larger down payments.\n <\/p>\n

\n Down payments rose to a peak in the third quarter of 14.7%, according to a recent\u00a0Realtor.com\u00a0report.\n <\/p>\n

\n \u201cNevertheless, the cost of borrowing remains high,\u201d she said.\n <\/p>\n

\n Even after the move lower, today\u2019s rates are unlikely to draw more than the most motivated buyers back into the market, Hale said.\n <\/p>\n

\n \u201cIf rates can hold onto this improvement, or notch a further decline, however, this could mean that \u2018buying a home\u2019 does seem like a viable new year\u2019s resolution to a greater number of households,\u201d Hale said.\n <\/p>\n<\/p><\/div>\n

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

Mortgage rates fell again in the most recent week, as\u00a0inflation showed signs of slowing. It\u2019s the fourth consecutive week of tumbling rates after rising for seven straight weeks. The 30-year fixed-rate mortgage fell to an average of 7.29% in the shortened week ending November 22, according to data from Freddie Mac released on Wednesday, a […]<\/p>\n","protected":false},"author":1,"featured_media":49679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-49678","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nMortgage rates fall for fourth week but stay above 7% | Prosfunds<\/title>\n<meta name=\"description\" content=\"Mortgage rates fell again in the most recent week, as\u00a0inflation showed signs of slowing. 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