Mortgage Rates Down After Rising for 7 Weeks

Mortgage interest rates, which have been around 8%, slightly decreased this week after remaining steady. However, experts expect more ups and downs in the coming months. The 30-year fixed-rate mortgage averaged 7.76% this week, a small drop from 7.79% last week, while the 15-year fixed-rate mortgage stayed at 7.03%.

The Federal Reserve decided not to change short-term interest rates on November 1, indicating their confidence in controlling inflation, but it may take time. Experts predict that mortgage rates will stay close to 8% in November, with a slight decrease by year-end. While rates are unlikely to dramatically drop in the near future, fluctuations between 7-8% are expected. Economic reports, like employment and wage data, can influence these rates.

Additionally, treasury rates and rising yields may impact mortgage rates. Adjustable rate mortgages are gaining popularity as they offer slightly lower rates, although overall mortgage applications have declined.

Are Higher Mortgage Rates Here to Stay?

Where Will Mortgage Rates Go From Here?

If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what’s going to happen next.

Forecasts project rates will fall in the months ahead, but what the latest data says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.

The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News states:

“If you’re in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.”

Instead, work on building a team of skilled professionals, including a trusted lender and The Azagra Group, who can explain what’s happening in the market and what it means for you. If you need to move because you’re changing jobs, want to be closer to family, or are in the middle of another big life change, the right team can help you achieve your goal, even now.

Bottom Line

The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for certain where they’ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you’re ready to get the process started, let’s connect.