November 17, 2022
Freddy Mac has reported that, as of the week ending November 17th, the interest rate for a 30-year fixed-rate mortgage has dropped from 7.08 percent to 6.61 percent, the largest decrease to occur within a week since 1981. This announcement comes amid predictions that the rate of inflation is beginning to slow, and offers some hope to potential homebuyers who had seen rates sharply during 2022.
Experts warn, however, that the market may likely remain volatile in the near future, with the fed continuing to use high interest rate to combat inflation.
To read more, please see this article from CNN. If you have further questions, don’t hesitate to reach out to a real estate or financial professional.