Mortgage Rates (Freddie Mac):
- The average 30-year fixed rate decreased this week to 6.17% vs 6.19% last week
- This marks the fourth consecutive weekly decrease in mortgage rates
- The Federal Reserve cut interest rates by 25 bps at last week’s meeting, the second cut this year
- The next Federal Reserve meeting is scheduled for December 9-10
- Some policymakers support another interest rate cut to stimulate the labor market
- Others remain concerned that further easing could risk re-accelerating inflation
- The situation is further complicated by a lack of economic data due to the government shutdown
- It remains uncertain whether mortgage rates will continue their downward trajectory; much will depend on upcoming economic data!
- What’s clear is that recent rate declines have boosted buyer sentiment heading into a busy final quarter of the year!
