News: November 5, 2022. The 30-Year Fixed-Rate Mortgage Averaged 6.95%. It Continues to Increase
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The Primary Mortgage Market Survey® (PMMS®), (reference) showed that the 30-year fixed-rate mortgage (FRM) averaged 6.95% last week as reported on November 3, 2022. The previous week it was 7.08%. It is has been increasing, however, in the last week there has been a slight slow down.
The Federal Reserve rate has increased again. The 10-year Treasury note will increase, and this will impact further the mortgage rates. This level is not seen since April 2002
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By March, we will probably be at 8.25% on mortgage rates. Fed will take another .5% bump this year and then one more in the first quarter. Housing market is well on the way to tanking. Rates should start to drop in the summer, but we may be deep into a slow down by then.
If the trend continues, houses will start falling in price soon, if they have not already started to fall already
If I were looking to buy a house, I would wait for a few months