Mortgage rates remain firm as Thanksgiving weekend approaches – RISMedia
The 30-year fixed rate mortgage (FRM) averaged 3.10%, unchanged from a week ago, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS).
âDespite the noise around the economy, inflation and monetary policy, mortgage rate volatility has been low. For most of 2021, mortgage rates have remained at less than half a percentage point, which is a smaller range than in previous years. ” – Sam Khater, Freddie Mac Chief Economist
âData on home sales continue to show strong demand for homes, amid limited supply and rising prices. Meanwhile, there are mixed policy updates for investors to digest. President Biden reappointed Fed Powell chairman for another four-year term as the Build Back Better Act, a social policy bill backed by the President, passed through the House and heads to the Senate . While 10-year Treasury bill rates started November on a weaker note, they have risen in recent weeks as concerns about rising inflation mounted and mortgage rates followed suit. not. Powell’s reappointment is therefore likely to have a mixed impact, reassuring some investors who are confident in the Fed’s current approach while preparing others who would prefer a more hawkish stance on recent price gains.
âIn the future, homebuyers can expect mortgage rates to continue and gradually rise, with occasional drops, which will provide good opportunities to lock in a rate. While the number of homeowners looking to refinance will decrease as rates rise, some will still be able to lower their monthly payments through refinancing and anyone considering doing so should do so as soon as possible. – realtor.comÂ® Chief Economist Danielle Hale