The 30-year fixed-rate mortgage decreased to 7.76% for the week ending November 2, according to Freddie Mac's weekly survey.
The Federal Reserve is not expected to start cutting rates until the second half of 2024.
The rates have been above 7% for 10 weeks straight, the highest level since 2001.
Mortgage rates in the United States have seen a slight decrease for the first time in two months, according to a weekly survey by Freddie Mac. The 30-year fixed-rate mortgage decreased to 7.76% for the week ending November 2. This comes after rates have been above 7% for 10 consecutive weeks, marking the highest level since 2001. Despite the slight decrease, the rates remain near their highest level since August 2000. The average rate on 30-year fixed mortgages dipped to 7.95 percent from 8.01 percent the previous week.
The Federal Reserve has decided to leave rates unchanged. This decision and the high mortgage rates are attributed to a resilient U.S. economy, the Fed's ongoing war on inflation, and a sharp rise in 10-year Treasury yields. Despite the recent decrease, experts warn of continued economic unpredictability due to the difficulty of forecasting future interest rates and geopolitical uncertainty. The Federal Reserve is not expected to start cutting rates until the second half of 2024.
The 30-year fixed-rate mortgage decreased to 7.76% for the week ending November 2, according to Freddie Mac's weekly survey.
Freddie Mac's chief economist, Sam Khater, warns of continued economic unpredictability due to the difficulty of forecasting future interest rates and geopolitical uncertainty.