Mortgage Rates: What to Expect in November
A "For Sale" sign is displayed outside a home. (Steve Pfost/Newsday RM via Getty Images)
Mortgage rates have increased for a fourth consecutive week, creating uncertainty about what could happen heading into November. According to Freddie Mac, the average 30-year fixed rate mortgage (FRM) increased from 6.44% on October 17 to 6.54% on October 24. While the last month of growth hurts potential borrowers, the 30-year FRM averaged 7.79% at the same time a year ago.
Current Mortgage Rates
Current mortgage rates are averaging 6.54% for a 30-year fixed-rate loan and 5.71% for a 15-year fixed-rate loan, according to Freddie Mac’s recent weekly rate survey.
What are Experts Predicting about November Mortgage Rates?
To forecast whether 30-year mortgage rates will rise or fall in November, the Mortgage Reports asked experts from CoreLogic, Home Qualified, Realtor.com, First American, and CJ Patrick to weigh in.
Opinions were split among the experts, with some saying mortgage rates will decline while others believe rates will be moderate.
Will the Fed’s Rate Cut Bring Down Mortgage Rates?
What’s Driving the Uncertainty?
Mortgage rates in 2024 have gradually declined in the second half of the year compared to last year. In 2023, mortgage rates changed considerably, with the average 30-year fixed rate falling to 6.09% on February 2 and as high as 7.79%.
What’s at Stake?
According to the Mortgage Reports, mortgage rates could decrease this week (October 28-November 1) if the mortgage market takes a careful approach to a potential recession. However, mortgage rates could increase if lenders account for the Federal Reserve taking measures to offset inflation or if a global event brings economic uncertainty.
Conclusion
The uncertainty surrounding mortgage rates in November is a significant concern for potential homebuyers. As the market continues to evolve, it’s essential to stay informed about the latest trends and predictions. By understanding what experts are saying, you can make informed decisions about your homebuying journey.
Frequently Asked Questions
Q: What is the current average 30-year fixed mortgage rate?
A: 6.54%
Q: What is the current average 15-year fixed mortgage rate?
A: 5.71%
Q: What are the experts predicting about November mortgage rates?
A: Opinions are split, with some predicting a decline and others predicting moderation.
Q: What is driving the uncertainty in mortgage rates?
A: The potential for a recession, inflation, and global economic uncertainty.
Q: What can I do to prepare for the uncertainty in mortgage rates?
A: Stay informed, consider working with a mortgage professional, and be prepared to adapt to changes in the market.
