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Mortgage Rates Dip Back Below 7%

Friday, Nov 04 2022
Lending
Written by  The Mortgage Leader

After topping 7% for the first time since 2002, U.S. long-term mortgage rates have fallen back below that mark. So reports CNN.

arrow 98577 1280According to Freddie Mac, the average for a 30-year fixed-rate mortgage in the week ending November 3 was 6.95%, a decline of 13 basis points from the previous week.

Freddie Mac economist Sam Khater said that the Federal Reserve’s November 2 announcement of its sixth interest rate hike this year “will certainly inject additional lead into the heels of the housing market.”

Read the full article from CNN. 

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