For the week ending November 3, 30-year rates fell to 6.95% from 7.02% the week before.
Rates moved down last week, but moved up as the survey period ended and the Fed made their announcement. For the week ending November 3, 30-year rates fell to 6.95% from 7.02% the week before. In addition, 15-year loans decreased to 6.29% and the average for five-year ARMs eased one tick to 5.95%. A year ago, 30-year fixed rates averaged 3.09%, more than 3.75% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.”
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rates
Updated November 4, 2022
|
Daily Value
|
Monthly Value
|
|
November 3
|
October
|
|
6-month Treasury Security
|
4.57%
|
4.31%
|
|
1-year Treasury Security
|
4.78%
|
4.43%
|
|
3-year Treasury Security
|
4.63%
|
4.38%
|
|
5-year Treasury Security
|
4.36%
|
4.18%
|
|
10-year Treasury Security
|
4.14%
|
3.98%
|
|
12-month LIBOR
|
|
5.445% (Oct)
|
|
12-month MTA
|
|
2.049% (Oct)
|
|
SOFR
|
|
1.053% (Oct)
|
|
Prime Rate
|
|
7.00% (11/22)
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