Mortgage Rates Today, Oct 24 | Home Market Fixed and Floating Rate (ARM) Update

Mortgage costs increased as the Fed used interest rates to provoke inflation as homeowners could struggle after the homebuying boom.

As US inflation has soared in the last 12 months, the Federal Reserve (Fed) chose to raise interest rates to stop people and businesses from spending.

These rates have a ripple effect on homeowners as mortgage rates are directly impacted by changes in interest rates.When another rate increase setting November Expect more mortgage payments.

of Average mortgage interest rate for Monday, October 24, 2022 As follows:

  • 30-year fixed mortgage: 7.218%
  • 20-year fixed mortgage: 6.915%
  • 15 year fixed mortgage: 6.211%
  • 10 year fixed mortgage: 5.950%
  • 5-Year Variable Rate Mortgage: 6.373%

The covid-19 pandemic has wreaked havoc on household budgets and the uncertainty it has created has led to a plunge in interest rates. In January 2021, Average US 30-year fixed mortgage rate plummets to 2.65%, lowest in years. A far cry from today’s rate.

New mortgages drop as interest rates deter prospective buyers

In the last week of September Mortgage Bankers Association discovered Total mortgage applications fell 14.2%, when compared to the last 7 days. That put it at its lowest seasonally adjusted level since 1997, when mortgage rates hit their highest in almost 15 years.

Related article

The amount of stocks remaining in the housing market for more than 30 days has also increased dramatically, with many buyers considering waiting until interest rates fall before taking out a mortgage.

Leave a Comment