Mortgage Interest Rates Today, October 9, 2023 | How Will This Week’s Inflation Data Impact Mortgage Rates?123Mortgage rates spiked quite a bit last week, with 30-year mortgage rates reaching a high of 7.58%, according to Zillow data. Rates remain elevated this week, but they could start inching down soon. When mortgage rates will fall largely hinges on inflation, and this week’s CPI data will give us the latest look at how prices are trending.Key takeaways:
Cooling inflation will allow the Federal Reserve to stop hiking the federal funds rate, removing some of the upward pressure that has helped mortgage rates reach a 23-year high.
Experts generally expect that inflation will continue to slow, allowing mortgage rates to trend down throughout 2024.
10 Must Reads for Real Estate Investors (Oct. 9,. 2023)4The witness list in Donald Trump’s New York fraud trial features a number of real estate heavyweights, reports The Real Deal. Overall leasing demand across commercial real estate turned negative in the most recent quarter, according to CoStar. These are among the must reads from the real estate investment world to start the new week.Key takeaways:
The commercial real estate industry just signaled it may be transitioning into the next phase of processing higher borrowing costs.
Political unrest and global economic health are among the top concerns that have direct impacts on the industry.
Mortgage Rates on Oct. 9, 2023 Continue to Climb for Homebuyers5A variety of important mortgage rates went higher over the last seven days. The average interest rates for both 15-year fixed and 30-year fixed mortgage rates both crept higher. We also saw an inflation in the average rate of 5/1 adjustable-rate mortgages.Key takeaways:
After hiking interest rates 11 times since March 2022, the Federal Reserve opted to skip another increase during its September meeting.
Progress on inflation and other key economic indicators may ease some of the upward pressure on mortgage rates.
