Mortgage rate fears are due to ‘uncertainty,’ not the increase: Suzanne Miller
Empire State Properties founder Suzanne Miller says housing inventory is building, but prices aren’t going down.
Mortgage rates continued downward for a second week, with recent economic data suggesting inflation may have peaked. The Federal Reserve, while still likely to raise rates again in December, has become less hawkish on the extremity of the hikes.
The 30-year fixed-rate mortgage averaged 6.58%, down from 6.61% last week, according to mortgage packager Freddie mac. A year ago, the 30-year FRM averaged 3.10%.
The 15-year fixed-rate mortgage averaged 5.90% also down from last week when it averaged 5.98%. A year ago, the 15-year FRM averaged 2.42%.
Freddie Mac has stopped reporting the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM).