{"id":36798,"date":"2023-11-23T19:57:21","date_gmt":"2023-11-23T19:57:21","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/home-buyers-can-be-thankful-for-lower-mortgage-rates\/"},"modified":"2023-11-23T19:57:22","modified_gmt":"2023-11-23T19:57:22","slug":"home-buyers-can-be-thankful-for-lower-mortgage-rates","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=36798","title":{"rendered":"Home Buyers Can Be Thankful for Lower Mortgage Rates"},"content":{"rendered":"
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The average 30-year fixed mortgage rate was 7.29% this week, according to Freddie Mac.<\/h4>\n


\n Dreamstime
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

Prospective home buyers can add lower Treasury yields to their gratitude lists this Thanksgiving holiday. Mortgage rates in the past week fell to their lowest level since mid-September, continuing a slump that coaxed some home buyers off the sidelines.<\/p>\n

The average 30-year fixed mortgage rate was 7.29% this week, according to
\n Freddie Mac
\n \u2018s weekly data. That\u2019s the lowest level since the week ended Sept. 21, and half a percentage point lower than the gauge\u2019s recent peak at 7.79%. This week\u2019s data was released today, and is adjusted for the Thanksgiving holiday tomorrow.<\/p>\n

\n

\u201cIn recent weeks, rates have dropped by half a percent, but potential home buyers continue to hold out for lower rates and more inventory,\u201d Sam Khater, Freddie Mac\u2019s chief economist, said in a statement. \u201cThis dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.\u201d<\/p>\n

Home sales in October dropped to their slowest pace in 13 years, the National Association of Realtors said earlier this week, as higher interest rates and mortgage rates have challenged prospective buyers.<\/p>\n

Mortgage rates climbed rapidly from August through October as inflation expectations and geopolitical uncertainty roiled bond markets. But economic data in recent weeks has driven the 10-year Treasury yield\u2014with which mortgage rates often move\u2014lower, resulting in a respite for prospective buyers. <\/p>\n

\u201cU.S. bond yields continued to move lower as incoming data signaled a softer economy and more signs of cooling inflation,\u201d Joel Kan, the Mortgage Bankers Association\u2019s deputy chief economist, said in a press release. <\/p>\n

Such declines in bond yields\u2014and mortgage rates\u2014have resulted in increased demand for home loans. Total mortgage application volume rose 3% last week, the association said Wednesday. \u201cMortgage applications increased to their highest level in six weeks, but remain at very low levels,\u201d Kan said. The group\u2019s index tracking home purchase demand gained a seasonally adjusted 4% from the week prior but remained 20% lower than year-ago levels.<\/p>\n

Two measures of contract signings expected next week will give economists a fuller picture of how higher rates impacted demand in October. Because of the time it takes for a home to close, it can be a month or two before a pending sale shows up in existing-home sale data. Consensus estimates compiled by
\n FactSet
\n expect that new homes went under contract at a seasonally adjusted annual rate of 700,000, less than the month prior but 21% above year-ago levels. <\/p>\n

The same can\u2019t be said for the broader existing-home market. Economists expect that the National Association of Realtors\u2019 index tracking contract signings for previously owned homes in October to be roughly 9% lower than the same month last year. <\/p>\n

Write to Shaina Mishkin at shaina.mishkin@dowjones.com and Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The average 30-year fixed mortgage rate was 7.29% this week, according to Freddie Mac. Dreamstime Prospective home buyers can add lower Treasury yields to their gratitude lists this Thanksgiving holiday. Mortgage rates in the past week fell to their lowest level since mid-September, continuing a slump that coaxed some home buyers off the sidelines. The<\/p>\n","protected":false},"author":1,"featured_media":36799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-36798","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nHome Buyers Can Be Thankful for Lower Mortgage Rates | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"The average 30-year fixed mortgage rate was 7.29% this week, according to Freddie Mac. 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