This Week Ahead: Mortgage Rates October 16th, 2023
Hi, I’m Lonny Levine, and welcome to Lending With Lonny. In this week’s blog post, we’ll be discussing the latest news and trends in the real estate market for the week of October 16th-20th, 2023.
Article 1: Mortgage Rates Today: October 16, 2023—Rates Remain Fairly Steady – Forbes Advisor
Summary: The current average mortgage rate on a 30-year fixed mortgage is 8.07% with an APR of 8.00%, according to Curinos. The 15-year fixed mortgage has an average rate of 7.31% with an APR of 7.27%. On a 30-year jumbo mortgage, the average rate is 7.94% with an APR of 7.89%.
Takeaway Points:
- Borrowers will pay less in interest this week as the average rate on a 30-year mortgage is 8.07% compared to a rate of 8.21% a week ago.
- The federal funds rate may rise once more before year’s end to further tame inflation.
Article 2: Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again? – Forbes Advisor
Summary: The housing market remains competitive for prospective buyers. With many homeowners “locked in” at low interest rates and unwilling to sell, demand continues to exceed for-sale inventory. Housing market activity remains weak thanks to rising mortgage rates, elevated home prices and constrained housing inventory—a trifecta of headwinds perpetuating the housing affordability crisis.
Takeaway Points:
- Housing market activity remains weak thanks to rising mortgage rates, elevated home prices and constrained housing inventory—a trifecta of headwinds perpetuating the housing affordability crisis.
- The Federal Reserve may raise the federal funds rate once more before year’s end to further tame inflation.
Article 3: Real Estate Groups Urge Fed to Stop Rate Hikes Amid Housing Market Crash Fears
Summary: Several real estate groups have expressed concerns about continued interest rate hikes as housing market crash fears escalate. However, some Fed officials have indicated that we could be nearing the peak of these rate increases.
Takeaway Points:
- Several real estate groups have expressed concerns about continued interest rate hikes as housing market crash fears escalate.
- Some Fed officials have indicated that we could be nearing the peak of these rate increases.
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