Mortgage rates held steady in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 7.76% as of Nov. 2, down from last week when it averaged 7.79%. A year ago at this time, it averaged 6.95%.
The 15-year fixed-rate mortgage averaged 7.03%, unchanged from last week. A year ago at this time, it averaged 6.29%.
“The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under 8%,” said Sam Khater, Freddie Mac’s chief economist. “The Federal Reserve again decided not to raise interest rates but have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue to stall improvements in the housing market.”
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